I discovered the same thing Whaler described after having RedMaxx on my trailer for about a year. It looked terrible and no longer repelled water. It even seemed like dirt was embedding into it more easily the older it got.
Granted, I probably put my trailer through the most harsh conditions imaginable. Two trips a year between Alaska and California, another couple of shorter trips in between the big ones, and several months baking in the California sun, and several months in all sorts of weather in Alaska, including snow and ice. The floor wax just didn't stand a chance.
It looked beautiful when I first applied it. Everything went on just as everyone described. I cleaned the gelcoat obsessively before applying the 5 or so coats of RedMaxx. It looked beautiful, but it didn't last.
I stripped it off, which turned out to be a huge pain in the ass. I used full-strength Zep acrylic floor wax stripper in a garden sprayer, ScotchBrite pads, stiff bristled brushes, and a power washer and it took MANY applications and scrubs to get all of it off. Way too much work.
After stripping the wax I went over the entire trailer with 3M Marine Restorer wax, both by hand and with a polishing wheel. Then I went over it again with 3M Marine Ultra Performance Paste Wax, again by hand and machine.
The reality is that using marine wax doesn't fill in the scratches like floor polish does. It's simply not as shiny as newly applied floor wax. But what shine there is seems to last longer, and the finish is smoother. It's easier to clean and it's a harder finish.
It's also a LOT more work than the floor wax method and I suspect upkeep will be quite involved as well. Still, from what I've seen so far, I think good quality, marine-grade wax is superior to floor polish in the long term. Of course, YMMV due to the conditions in which you use and store your trailer.
I admit that my trailer probably lives in an environment that is more harsh than most so we'll see how the 3M wax holds up after a few more months. I'm on my way to Alaska now and after washing the trailer off a couple times already, I can tell the current wax is better than the floor polish was at releasing dirt and bugs. It's also easier to remove black streaks from as well. I wish it was shiny like fresh gelcoat but I don't think any traditional wax can do that to a rig this old that had such a worn and chalky finish when I got it. So far though, I'm happier with the 3M wax than I was with the floor finish.