I use sanding pads, standing sticks, sanding blocks, files, diamond files and sandpaper(both paper and fabric backed).
Most of those can be used for wet and dry sanding. Simply use what works best and what fits the requirements the best.
My Mantra:
"There is no right or wrong tool/answer in modeling, use whatever gets the job done."
But than I got views that go against the mainstream modeling community ideas of how things should be done.