Future wax is a water based product. It will dissolve or "reverse" it's structure when subjected to water (and other liquids) before full through curing has occured, and to a certain degree after full through cure.
You do not need to wet sand Future; it will dry sand with micro mesh fine. It is a very soft finished film.
Also, if you do wet sand, it will eventually recover like the prior post pointed out. But, it will be a much weaker substrate than prior to breakdown. In addition, when you "re wet" a reversable medium, swelling occures because of the added volume (water or solvent). When the film recovers and loses the water content it will shrink and contour map the surface thereby mimicing the scratches left by the sanding process. If the scratches are minute, it will look like a slight hazing under certain lighting conditions. I the scratches are large, well........
This can be remedied after complete curing with a dry sanding process and buff. But, the film integrity will be reduced by the prior breakdown. However, since it's going to protet a model and not a floor, is it a real factor? I don't know yet. I'm just starting to use Future and the jury on this (for me at least) is still out. IMHO, it's best to avoid wet sanding this product.
BTW, this applies to all reversable substrates unlike catalysed products which become a non-reversable product once catalysed.
Gosh I can get long winded!
Hope that helps.
Lynn Livingston