For minor seams and slight gaps I use Bondo Glazing and Spot Putty.
Pros: Easy to obtain (almost any auto parts store should carry it), ready to use right out of the tube, reasonably easy to use, can be smoothed if desired with acetone-based nail polish remover, sands easily.
Cons: Should only be used in small quantities and/or very thin surface applications for two reasons: First, shrinkage; the more you use, the greater the shrinkage. Second, large quantities can warp and/or distort thin styrene as it cures; I don't know if this is caused by a chemical reaction, or if the Bondo heats up as it cures. Relatively short working time; according to the Bondo website, it can be sanded within 30 minutes of application (which means it starts curing almost as soon as it's out of the tube). Also, it's really too thin to properly sculpt, though you can somewhate shape it and sculpt recessed detail into it.
For larger seams and gaps and/or adding detail, I use Aves Apoxie Sculpt.
Pros: No shrinkage, easy to use once you get used to it, can be smoothed with regular tap water.
Cons: Can be difficult to obtain (I've only found it online), it's a two-part epoxy that must be mixed thoroughly in reasonably equal quantities for it to cure properly, it takes several hours to cure fully, and, as PHArchivist stated, it's harder than most styrenes and resins once it's fully cured, which can make sanding/blending difficult.
Another problem with Aves Apoxie Sculpt is that it can be somewhat tacky, which means it will stick to fingers and sculpting tools. To alleviate this, let it sit for 10-20 minutes after you've thoroughly mixed the two parts and before working with it. This decreases the working time a bit, but you'll be able to work quicker without it sticking to your tools.