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Once a year is a great plenty. All it does is remove everything all the way down to the clear coat. Soap residue, wax buildup and all the nasty stuff from the sky.
Clay bar is the only way to go. I wanted to do mine. Then the guy in the detail shop said he would do it for $100! I said here is the key. He spent 7 hours on it from the inital wash to clay bar to waxing it then did the interior!
Wish I could find somebody to do all that for that price.
I live in the stix so i have to wash it alot and wax generally doesn't stay on when i wash it so its a waste of time and i don't have time to be waxin it every time i wash it.
The reason I wax atleast every 3 months and wash weekly is that it add about 75hp worth of resistance reduction. I have even noticed about 4 10'ths in the quarter mile.