Honestly, I've never used a small palm orbital like the ones that cost $40 and easily found at Pep Boys and Walmart. [i]However[i/] from what other people have both told me and from the reviews I've read online and what not, spending the money for a Porter Cable is well worth it. The results that are possible are like those of professionals in the hands of amatuers.
Ok enough of the advertising.
A small palm orbital is better than nothing, but don't expect much. It'll help relieve some of the pain from your arms as you try and polish away, but don't expect any real surface leveling power. Actually, you'd probably fair better polishing the surface by hand since you could create more friction. A small orbital would also be good for applying wax, although I've never seen the need to use one. All the waxes I've used were quite easy to apply by hand, but if you want to use the machine then it'd be fine.
Going from hand polishing to using the PC was a day and night difference. It was definitely worth the $120 to spend on the machine, but be aware that you'll have to spend easily an additional $100 on pads, backing plate, chemical products, etc alone. Sure it's costly, but could you really put a price on a perfect surface?