I understand a paint coating will last much longer, but if the surface preparation is done properly, will a paint coating produce superior shine, gloss and depth over a high quality wax or sealant?
Hmmm, this is a big question. As you have stated, if the prep work is the same, the look of a high quality glass coating will be different from a premium wax. Waxes tend to give the paint a deep wet look, the coatings have an extreme level of gloss, think candy apple. They both have their place.
So generally speaking, a coating will provide a high gloss appearance versus a wax which will be more of a wet look with maybe more depth. I realize this is an individual preference, but I prefer the high gloss personally.
Color and type of paint may change how a coating will look. I recently applied the Blackfire coating to a metallic grey Mazda3. On that paint, I didn't notice the coating looking much different from other waxes and sealants I've applied. It looks good, just not noticeably different.
If I was to apply the same product to my black metallic car or my wife's maroon metallic vehicle, I may see a great deal of difference.