I use one bucket for the wheel, tires, and wheel wheels with the grit guard.
I use to use the "two bucket" wash method. Now, I only use one with a grit guard for washing the paint. I'm such a fanatic about rinsing the mitts (I use at least two on the paint) after each panel, that I really don't need the extra bucket, especially with the grit guard. However, now that I think about it, I probably use more water rinsing after each panel than I use two with the two buckets.
Maybe I should go back to the two bucket method and conserve some water.

Then again, I would still rinse the mitt after each panel and end up using even MORE water.
If the vehicle is really dirty, I usually go through a couple of buckets of wash, and a whole lot of mitts.