Never touched my car,
but someone I know who runs a body shop used to spray full cars in it (quite litterally the full car, and then just cut the lights and windows out...). I think it is good for short term use, but I would want it on there long, looks tatty pretty quick.
Also, if you use it on wheels, they need re-balancing after, the weight of it can knock the balance out, especially if its on thick.