When I started turning about a year ago, I never thought I'd want to use CA, preferring a "natural" finish. But I do almost all my wood pens with CA, for the durability. For something like a wine stopper or pizza cutter, they aren't getting handled as much as a pen (hopefully!), and I like using EEE, followed by friction polish. I sand thru about 320 or so, preferring the small flexible sanding pads, then I find that EEE really puts a decent final sanding on the wood prior to the final finish. Although I tend to use friction polish, I've also used shellac and polyurethane over EEE, with good results.
As far as MM wearing out, I do not use them on bare wood, I only use them to smooth a CA finish, or to polish acrylic blanks. I am amazed at how long they last if you keep them wet, and soak them a bit when done. I'll occasionally use a bit on dishwashing liquid in the soak, and scrub them by hand, if they seem to have any build-up, and then let them dry. I have a small wire basket that hangs over my soaking bucket, but even laying them on an old towel or paper towel is fine.
I honestly am wondering if my most recent set of pads will ever wear out.