I will a little bit to here......
"It all depends on the sludge". So, what do I mean?
Depends on the grit you're using and how do you clean the surface.
I like a "fairly cheap ~12" red rubber squeegee", (the black ones tend to degrade and leave dark schmutch [sp] on the surface....) to remove water and "stuff" from the surface.
When using coarse grades of paper, a "good paper" will make a lot of "semi-solid" stuff come off with the water when new, not so much when worn.
When you get to fine paper/pads, even new will produce less "semi-solid" stuff with the water than coarse grit worn.
When either produces a lot less "semi-solid" stuff compared to new paper/pads (of a certain grade/grit), it may be time to change the paper/pad.
So, starting at 600grit wet, fresh paper yields a "sludge" of near "wet yogurt" when new, going to "2% milk" when worn.
Starting at 3000 grit wet, fresh paper/pad yields "whole milk" when new going to "diluted skim milk" when worn.
This sorta takes into consideration of different area volumes you may cover, how wet or dry the surface is, how hard you press, etc.
It's all in the sludge.
The better the sanding, the better the polish can be. It's always faster to do a bit more sanding than to try & polish up a poor sanding job.
[Coarse in this post is 600 grit wet, fine/final is 3000 grit wet with several steps in between]