Hi Mike
About the cherry all I can say is that I'd have to have the wood in front of me so I could test it with some oil. Cherry can have enough color to get away with it but not always. But please, make your own judgments on that. It is just a personal opinion of mine and depends greatly on the wood tone I have to work with.
In matters of taste in styles, colors, etc do tests on scrap, please yourself, and hang everyone else. That is, of course, unless everyone else is the better half or someone paying for the job.
As for wax. My opinion is that all finishes benefit from wax in more then just looks and I consider three coats optimum. Actually, after three coats your wasting your time putting more on because by then all the little imperfections have been filled and you are pretty much, well, to steal a quote, doing "wax on/wax off"
While wax itself offers practically no protection to wood by itself it does do a fair job of protecting a finish. It acts as a lubricant protecting a finish from the day to day action of collecting scratches as items are slid over the surface of the finish. This helps minimize wear and tear of the finish itself and the build up of micro scratches that will eventually dull a finish. It fills pours in open pored wood finished with an oil finish or a surface finish that has not had the pores filled. This keeps crud from building up. It collects general house hold grunge. It acts as a temporary barrier keeping moisture from the finish long enough so it can be wiped up.
And, after it's done all that you can remove all the collected gunk and rejuvenate the sheen by simply rewaxing. Since wax never cures hard, new coats of wax dissolve previous coats and the gunk gets wiped off as you rewax. Eventually, depending on conditions, the initial coat of wax and the rewaxing reaches a point of diminishing returns and the wax has to be stripped and a fresh clean base coat added but you're only talking once or twice a year, maybe less.
As for someone saying wax not needed. I have to wonder if they wax their car to protect the finish. I know an awful lot of people who do, even people with expensive custom jobs.
Hope it helps