Check out my thread on the Members Rides section, I recently did my Diamond Black ED30 using the Megs 105/205 combo, Also did Fallout remover and De-tar prior to polishing and finished with Collinites 845 Wax.
What's the benefit of using both 105 and 205? I've just read on their website that they both have similar benefits e.g. Removed swirls. Could 205 just be using to both make glossy finish and remove swirls ?
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Firstly depends on many factors, Yes they both do the same job but at differing levels. Also paint type makes a massive difference for example VW Paint is quite hard and requires a more aggressive cut such as Megs 105 to achieve any decent levels of correction, Paint on Japanese cars can be quite soft in comparison so you might be able to get away with using Megs 205.
So on VW paint you could just use Megs 205 and a White Hex Pad, This would be classed as a Single Stage and would clean the paint up and remove very Minor swirls/defects. However you would not remove any deeper swirls and once the sunlight hits the paintwork they will be visible.
Megs 105 has a more aggressive cut as does using the Orange Hex Pad too, This combination offers a better level of correction and will remove more severe swirls, Bird poop marks, Defects but the downside is you do not get a very good finish afterwords. So you use the 205 Combo to finish/refine.
Megs 105 = Compound/Cutting
Megs 205 = Refining/Finishing
Adding to the above the choice of Pad that you use also plays a big part, I think in the Hex-Logic range which I use their are approx 6 different pads available ranging from Heavy Cut to Finishing. You have to experiment with the different combinations to see which one works for you and gives the best level of correction.
I always say start out with the least aggressive and work your way up.