I picked up a CPO'd '08 4.8i sport a few weeks ago, black on black. I had no delusions of the previous owner being a detailing nut like myself, so I just steeled myself for the inevitability of having to spend the better part of 2 days to get the paint back to a near showroom finish, especially on Jet Black paint.
I use a Flex polisher with Lake County pads. My first attempt was with Menzerna P0106ff (light to medium cut) on a white pad (medium cut). This took away only about 50% of the swirls. Figuring I needed to step it up, I used some leftover 3M Perfect It II Rubbing Compound (medium to heavy cut) with a wool pad (heavy cut). This had great results in removing all the swirls and minimized some of the scratches, but this leaves a haze from the high cut. I followed that up with the Menzerna on the white pad, which got it looking like a black, wet mirror.
This took some time, so the whole car will take LOTS of time.
Here are some crappy iPhone 4 pics. When I do the actual detail, I'll break out the DSLR for better snaps.
Befores:
Afters: