It does sound like wetsanding to me also. Except that it's wetsanding with a high grit polish and you basically sand the lens until the sandpaper gets clogged and becomes smoother and at the same time the wet part dries so you have to stop anyway. I can see this working with lenses that don't have deep sand/dirt scratches on them (basically a car that sits in the sun and weather getting the lenses beat up by them). If that's the case then, any polish like Meguiars or Mother's will clear that up fairly well. For lenses that look like lens covers, you will have to wetsand them, I promise. I don't have much faith in packages like those because, they work only on certain applications but not all and the one's that it doesn't work on...well, those guys will always say the product is crap because they don't know any better
I say, don't do it more than once a year (assuming the lenses aren't clearcoated) and do it right the first time.
I have to redo mine and I will take a before and after pic to ease some of you guys that are hesitant on doing the wetsanding. I know, I know, why would you scratch up the lens more and expect it to shine when you're done right? Well, why do guys wetsand their cars after a paint job or why do guys wetsand their cars before a car show to get rid of swirl marks? Why do guys that polish aluminum use sandpaper? That's how you get those mirror finishes. There's more reasoning to it but I'm pooped, lol.
When wetsanding the lenses, you are progressing down to a finer grit and make the scratch ridges smoother until the surface is eventually smooth (as opposed to that rough feeling lens that you started with), then you apply the polish which then smooths it out even more and you're done.

At no point and time am I telling you not to buy these products, because some do work, but as I explained in my book above, it all depends on how bad the lenses get/got.
Hope that helps.