The primary reason to buy a machine like the Porter Cable 7424 is to be able to effectively do paint correction; eliminating oxidation, swirls, scratches, etc. While you can do those things by hand, you can do them much more effectively and MUCH faster with a machine.
I use mine for paint correction, and then when the paint is in as good a shape as I can get it, I apply my wax or sealant by hand. (So I still get in a hand job like Joe

)
The results that I get polishing with the PC are far better than I could get by hand. It would take me days to do by hand what I can do with the PC in a few hours.
Having said all that, it depends on your goals and where you're starting. If you're starting with paint that's already in good shape, yeah, you can be fairly effective working by hand.
My 3 cars were all somewhat neglected and needed more help than I could give them by hand.
I don't know what polishes, etc., you're using now, but I wouldn't necessarily assume you're going to be using the same stuff with a machine unless you're already using good quality products that were designed to be applied by machine? i.e. you don't use Turtle Wax with a PC. Also, realize that to get the good results with the PC, you need to buy not only the machine itself, but a good backing plate and some good quality pads. The pad that comes with it is pretty worthless.
It's still a labor of love with the PC. In fact, for me, now that I've seen what can be accomplished with a machine, it's moved more toward an addiction. I find myself wanting to detail all the time. I'm spending way too much time on detailing forums. I'm buying way more detailing products than I need just to try them out. I'm thinking about buying a rotary polisher, or a better DA like the Flex polisher, etc.

So, be careful if you buy one, you might be getting into a new addiction.
Also, if you're going to buy a machine, make sure you DO buy something like the PC. It's about the least expensive REAL machine you can buy. You can't do much as far as paint correction with lesser machines like the cheapy buffers they sell at Wal Mart, etc.
Joe, what kind of buffer do you have? I'm assuming it's not a PC because from what I know of you from the boards and your love for caring for your coupes, I'd be surprised if you wouldn't become a paint correcting addict like me if you were using a PC or other good machine.