Well, the term glaze might be old-school but the products are alive and kickin'. A glaze will not only add to the overall appearance, but helps as well.
As we all know, there are paint finishes that are too old/delicate/thin/sensitive/damaged to use harsh leveling polishes on them. We should conserve this fine balance where paint removal could mean potential full paint system failure. Therefore, we should fill and protect the paint instead of removing from it unnecessarily. This can be vital and important when we try to save an all-original classic.
So, when we can not correct the surface by removing the necessary layer/amount, then a glaze is the only solution to produce an acceptable finish. Therefore glazes will always have their places in the detailing world; old-school term or not.
Nowadays, glazes are more durable than for example the "ancient" #7, which is a non-drying oil. The modern polymer glazes like Finish Kare
303 work both mechanically, but at the same time they fill and enhance gloss. VM too, is an excellent product for this purpose as Rabbi stated. Interestingly, I start to see and use NXT Paste as a glaze, because it has mild, fine cleaning power, excellent, reflective, glossy appearance and fills a bit as well. Then I top it with something really durable, like Collinite 845 or #21 and I have the best of both worlds.