Here is what I have used for putty in the past and my thoughts on them:
Squadron putty the white not the green: Not very good, will shrink, and is too soft and crumbly. It is softer than the plastic which is good for sanding. Can be thinned with acetone based fingernail polish remover.
Bondo spot putty: Out of the tube it has a smooth consistency, doesn't shrink, and can be shaped and molded fairly well. Can be thinned with acetone based fingernail polish remover. It is a bit harder than the squadron, but not a lot. It is still softer than the plastic which is good for sanding, and it will stick to the plastic very well.
I have used this technique on both of the above: Lay down the putty and then take a q-tip that has been dipped in Acetone based fingernail polish remover to smooth it out and clean it up so it pretty much just fills the seams. For both of these curing time is within an hour.
The above two are good for small to medium gaps.
Mr. Dissolved putty: Cures harder than the above two, you paint it on with a brush. Will shrink up a bit, but since you are basically brushing it on, easy to apply. It thins with Lacquer thinner, so it bonds with plastic pretty well. I would not use it for large gaps, but mainly for small gaps. Since it cures up just a bit softer than the plastic, it can be hard to sand. I used it on project last week and it was a bear to sand down. While the Bondo putty did the job really good.
Mr. Surfacer 500 or 1000. It is basically a thick primer. Good for small gaps, voids and scratches. It will shrink down a bit, but if you apply a second coat before sanding you will fix that problem. It is thinned with lacquer thinner so it will bond to the plastic well.
for the above two they are lacquer based and will cure up pretty fast, within 20 minutes.
Aves Apoxie sculpt: A two part epoxy putty. Cures up harder than the plastic. It has a two hour working time and will be cured up overnight. Good for large gaps, holes, or to put behind structures for re-enforcing the structure. It is thinned with water which is good in the home environment. To use it as a seam filler I have kneaded together the two parts then rolled it out into a snake. Pressed the snake into the seam, and then used water to smooth out the surface leaving a pretty clean seam. I have done this before and had no sanding to do afterwards. Since it cures out harder than plastic, it can be a chore to sand it down without damaging the underlying plastic.
Each one of these has it's pluses and it minuses. Quite often I will use a combination of two or more. For example. I will start with the Bondo and then move to the Mr. Surfacer for the final finish.