The difference is simple; both waxes and sealants can be used to protect paint - waxes are simple naturally derived products, whereas sealants are polymers made by man. Both can be used together if desired, so long as the sealant is applied first (this is golden rule of detailing, and is the case due to the way that the products bond). Your summary of what Project Awesome is correct; it's a polymer sealant in the same way that the Autoglym product is, but in this case the blend of polymers used necessitates machine application. If you want to read up more on the difference between waxes and sealants, we done our best to discuss and illustrate the issue here...

http://www.polishedbliss.co.uk/acata...s_protect.html