Lake Country Manufactures 8 different colored pads and 9 if you will count in the hybrid purple foam wool pad.
While Wool pads are mainly used for heavy oxidation, moderate scratch removal and wet sanding marks, Foam pads are significantly lighter in terms of cut.
Pads in order of aggressiveness.
Yellow Pad - this is used for removing buffer swirls caused by the wool pad, this can also be used for moderate to light compounding which basically also tackles heavy swirl marks, moderate oxidation, and etchings. This is the most aggressive among the 8 foam pads. This is also called a cutting pad since it can level paint surfaces easily once used with compounds and heavy polishes.
Orange Pad - this is the light cutting pad, this pad can remove moderate to light swirls very easily, it can also remove minor oxidation and light scratches. this is a very popular product among the 8 pads because it can tackle serious paint defects just by repeating the procedure over and over again, and since it does not have enough cut into it, you can polish out paints with a lot less to worry about
Green Pad - this is a cross between the Orange and the White pad, this product is very versatile in the sense that it is like a softer version of the orange pad so it can tackle some problems that the orange pad can at the same time you can already use this pad with medium to light polishes. This would be great for tackling light swirls, very light oxidation and micro marring.
White Pad - this is the polishing pad, this is great for adding some gloss to the paint, removing light swirls and very light scratches, its also good for micro marring. With this pad it is advisable to use only medium to light polishes, this pad has very little cut, but in the wrong hands can still strike through or burn out paint especially those on the edges so be careful with all the pads listed above especially on corners. The White pad is a staple in the polishing step before LC introduced the 3 new pads, the white pad can really improve a paints finish and to some people the finish you get would already be enough to pass their standards. This pad once used properly will leave you a swirl free finish. This pad is also great for removing very light hazes and is great in getting that last few touches to dulled paint.
Black Pad - this pad is originally made to applying waxes and sealants, this pad, once used to apply waxes and sealants has no cut so it is safe for paint, but once used with light polishes it could still give that little extra cut. This pad is generally used for applying waxes and sealants but i also use this pad and achieve great results when applying light and fine polishes, this pad when used with fine polishes adds that added gloss that the white pad cannot, its like refining the polishing stage even more, this can be used to remove very very light scratches, mirco marring and fine hazing the ones that can only be seen with the help of good lighting. You can also use this to apply glazes since it has nearly zero cut, glazes can be used to fill in and hide those minute microscopic paint defects.
Blue and Red pads - this to me are the same actually, this is ideal for jeweling or burnishing the paint to the most gloss it can achieve. You use this pad much like the black pad with fine polishes but with the red and blue you use use ultra fine polishes so you end up with the most perfect paint you can get, its like the last 5% to that perfect shine. This is best used for getting that extra one more notch of gloss and shine that would set you apart even from show car standards.
Gold pads - this is their softest pad and is only used for applying waxes and sealants.