Take heart... hundreds of thousands of swirls have been removed using the first generation PC's, you just have to do everything right.
Little things like using "ample" product for good lubrication between the pad and the paint will enable your pads to rotate more easily. You can't overdo it though as you'll hyper-lubricate the surface so no cutting takes place.
Switching to dry pads when the current pad becomes wet will instantly restore rotating ability as wet foam absorbs and dissipates energy.
You could also look at the Meguiar's DA Microfiber DA System for your current tool, these pads are very thin and thus will work better with a first gen PC
The best remedy is to upgrade your polisher to a new XP or the Griot's knock-off of it... or get a Flex 3401
If you're going to do a lot of buffing then upgrading would be a good option, if you're just taking care of your car or cars, then you could get by with what you have... it will just take longer...