There's definitely a difference. This is something I could spend quite a deal of time discussing. I'm not sure who junkman is, but I mean NO OFFENSE to him whatsoever, but from my perspective there are several reasons why there are hundreds of waxes on the market from $10 to $4,000 (Swissvax makes a duo that is almost $4,000).
I won't give an exhaustive dissertation here, but everything from the ingredients (grade of carnauba, amount of crystalline polymers, etc etc), to the ease of both application and more so the ease of removal, to the LONGEVITY of beading and protection and gloss endurance, to the variance the wax provides regarding whether it is a warm deep type of gloss, or a hard candy-shell shallow yet shiny type of gloss, and on... and on... and on... all factor into WHY you use the wax you use. As a matter of fact, even the paint color and type all come into play!