I agree with FingerSoup. After several years in military school (which from a shoe-shining perspective is a little more rigorous than the regular military), all you need is the can of polish, an old white t-shirt cut into strips and a little water.
I follow FS's method almost to the letter (including the hot breath) - except that I go through a process of softening the can of polish (using fingers wrapped in t-shirt, I mush the entire can so the whole thing is soft... adding in a few drops of water). I also use shoe-trees during the polishing (and remove them shortly thereafter).
I polish the entire shoe (though these days, I don't go for the tongue and take out the laces like I used to). Moving from a new pair of shoes to completely "glassed" (100% mirror shine all the way around) takes about 2 hours and about 3-5 layers of polish.
But the results are worth it. People ask me all the time where I get my shoes shined. When I tell them I do it myself, not only does the pride feel good, they're impressed, too.
Oh, for boots, the trick for the upper part of the boot is an old can of tennis balls. Put the can down into the boot to help it keep its shape during the polishing.