I have the 2" and 4" buffs, plus the 8" and the extension. I couldn't buff very many bowls without the extension. Too close to the headstock. The 2" buffs are about worthless, or maybe I say that I haven't found the right project to use them on just yet. The 4" buffs are nice to have and do the majority of my inside buffing.
I use all 3 buffs, though I do skip the WD buff on open-grained woods. If you're going for a smooth, glassy finish it really does make a difference.
As for preferred finish, I started out using them to buff poly and lacquer, but the recommended speed would melt the finish or eat it off in short order. I did, however, learn that on lacquer the right amount of pressure would soften and flatten runs, but sanding them flat is still the preferred method. I believe the recommended speed was for using on a Danish oil finish, and at that they are spectacular. Since DO isn't a surface treatment you are polishing the wood as much as the finish and it is much more forgiving.