Eek! That looks a bit grim fella /ubbthreads/images/graemlins/frown.gif
...But I'm inclined to agree with DickyS3, it probably does look a lot worse than it actually is at the moment (if the photo is 'true-to-fact')...
In terms of remedies; I really wouldn't jump-in with a buffer yourself just yet... If you're going to do anything yourself, I'd stick to doing things by hand, and VERY gently at first (until you've seen how the results are going)...
I'm honestly not trying to give you any more direct pain about the decision to use a scouring-pad (alas, it's still a scourer if it's sponge and nylon - the nylon side of those really is remarkably coarse); but a buffer is one of those things where the quality of results is proportional to amount of experience. I guess that you wouldn't have used the scourer if you had a lot of experience with a buffer; and I'd say that to bring some lustre back to that finish will require quite a lot of experience/skill/care (whatever you want to call it) if it's going to be done using a buffer/polisher without needing to be completely re-finished.
I'd guess it is probably going to need a machine polish at some stage if it's going to be perfect, but it needs a proper polisher, with proper heads, and more importantly proper compound finished off with proper glaze. All stuff you can get hold of and do yourself; but as I've said, it's not just stuff you can pick up and immediately get spot-on; and the thing is, I've always been taught by my mates in the bodywork trade, that when treating paintwork, the more damage there is the softer/more accurate your repair work needs to be.
In simple terms, you don't have enough clear-coat / lacqeur left there to get it wrong... Add to that the fact you've got quite a distinct line between the undamaged area and the damaged, so your blend will have to be tight...
Considering what you could spend buying compound and glaze, and probably a decent head for the polisher, even if the polisher you have access to is of a good standard (meaning you don't have to buy/hire one), you'll probably have spent the same amount of money as taking it down to a bodyshop and saying "please make that shine again" but with the added risk of it going horribly wrong and burning right through the last of the finish that's there...
I'd get a couple of quotes for repairs if you have places nearby, and once you've heard them consider whether doing the job yourself is the better option.
Looking at the photo again, I *might* have a bash at it myself, but I've used more bottles of t-cut/paint finish restorer/scratch-x than I care to remember, and more recently have been getting to grips with a polisher and the products/techniques (but I had an old bonnet to practice A LOT on /ubbthreads/images/graemlins/wink.gif) - but still, if I took it to a bodyshop and the quote was reasonable (and I don't think you'll be charged a lot to repair that), I'd let them take responsibility to get it right...
Hope you get it sorted fella, keep us updated...
Best regards,
Rob.