not sure if it is water based but poorboy's SSR polishes are very clean from my experience with them. I've used Zaino Z2 after it with no problems and that seemed to last long enough. Not sure what you mean by goes on/comes off wet- just about anything is going to go on wet, no?
You can buff the SSR off right away, or whenever you want really. The way you use a polish though is you use so much for a given area and work it in for so long till it's no longer wet, otherwise you're using it wrong. Once you're doing working it in, it should be just about dry or only take 10-30 seconds to haze up, and then should buff away very quickly and easily. If it doesn't, then you're using too much for the area and/or didn't work it for long enough. With a real polish, which is abrasive, it works by abrading (sanding) down the clearcoat surface to remove imperfections, and the only way it'll accomplish anything is you need to use enough of it and work it in long enough, either by hand or by machine.
You mentioned "another beginner question", if such is the case I recommend one or more of these for applying an abrasive polish by hand:
http://www.autopia-carcare.com/vk-101.html
Don't use the typical 4" round yellow foam wax applicators unless you're doing a tiny area once. And with the poorboy's SSR, I can also tell you from experience that if you're going by hand and have some medium scratches to use no less than SSR2.5. I have SSR1, 2, and 2.5. SSR2.5 sounds gritty when you use it, I can only imagine how much more aggressive SSR3 is so I can't give a recommendation. By hand use SSR2 if you have very light imperfections or just want to clean the paint, and expect a moderate amount of time working it in by hand. SSR1 is too fine and should only be used with a machine, it's a waste of time and material used by hand. The SSR2.5 works pretty quick by hand at removing scratches. A quick detailer spray liquid and microfiber towels work best in my opinion at buffing it clean
> you don't "remove" scratches without an abrasive polish, you only hide them with fillers. I've used ScratchX and agree it's good stuff but I think it has a moderate amount of fillers in it. Unless they changed it, it was 2 or 3 years ago when I used it. I've also tried one of the meguiars deep crystal polishes, and would agree it does leave a little bit of an oily wet residue although it had no affect on sealant and wax afterwards. Just about anything you use is going to be clearcoat safe, the major differences amongst the polishes are their abrasive contents and how much oils they include to leave a wet look (i.e. glaze). Not sure what your ultimate goal is, there is no best polish and oils and fillers are not a bad thing.
http://www.autogeek.net/pbsr.html