From what I understand it is paint that is more like a rubber coating. It is very easy to apply and people say it is long lasting if you do about 4 coats. There are tons of videos on YouTube showing how to properly use it. I will be plasti dipping the rims on my 12 GT and my Rubicon as soon as the weather is right. I might even do some stripes on the stang, seen a video on that too.
its cool to get creative with plasti dip. like if u wana paint ur deck lid or wheels and stuff without spending a butt load of cash on real paint. and if u mess up just peal it off easy. doesnt harm ur wheels or paint. im kinda getting tired of using plasti dip though cuz its lookiing to tacky imo
As horseplay said its easy to peel off and won't harm any clear finish. As for what it is....its a rubber coating that will stick to just about anything and easy to peel as long as you do a thick finish (3-4) coats. But yea it becomes very tacky when everything in your car is plasti dipped.