No, the paint/finish quality does not decrease. In fact, it increases and strenghtens. Also, if you use a microfiber sponge as an applicator when applying the wax and use a microfiber towel when removing the wax, you will have better shine and protection.
YES, you can use wax regularly. I have used wax once a week and my finish is in awesome shape and my car is a Black 1998 Grand Prix GT. Check out my pic in the photo gallery! I recommed waxing whenever you can! Just always use microfiber while applying/removing. Enjoy your ride!! <img src="/images/graemlins/cool.gif" alt="" />