It's cool stuff - best way to describe it I suppose is "rubber paint". You spray it on as if you would normally from a paint canister, doing very minimal prep work before hand (just cleaning and masking off areas). Then apply several coats , the stuff dry's really fast. It then just peels and breaks away from any lines as the coat is thinner here. And if you get bored of it - you can just peel it off at a later date to return to stock. Here's a video that probably explains its better:
I've currently got my front badge and door handles done - its been on for about 1 year now with no wear.