Good Morning HK,
There are many ways to finish micarta, the best way is relative to the knife, the type of micarta you're using or the customers request.
Green Canvas for example (my favorite) can take on many different looks. A 320-600 grit finish then a good scrub with dish soap will turn out a beautiful light green look while a buff can darken it considerably and make it just a bit more slippery. One thing I've found very helpful for brightening the material up after finishing is the good scrub using dish soap.
Ivory paper micarta on the other hand looks best (IMHO) by finishing to 600 grt or more and buffing to a hard shine using white compound and then after the "scrub" a light buff using pink followed by one more dish soap scrub.