This is true, but in my experience the binder makes all the difference. Creams don't set the same was as wax polishes do, at least in my experience. It's much more difficult to get a mirror shine and to build up several protective layers with a cream than with a wax polish, again in my experience. I still hold to my advice of "wax" on the top cap and heel, cream everywhere else.
EDIT: I guess I should note that I usually use cream on the whole shoe for 2-3 layers, buff and let the cream set for a while, then bull the toe with wax and put a couple of layers of wax on the heel as well, so I guess technically I suggest cream everywhere, wax on the toe/heel.
Once you've gotten a shine on the toe cap, do you only use wax on the cap going forward?