klink, its the same rubber stuff on the ends of your wrenches and pliers but it comes in a spray can. Basically spray on rubber.
Yep - a bunch of guys in the BMW Mini world plasti-dip all kinds of exterior parts. Somebody even did their entire car. It was done so heavily a few years ago that its a little taboo now and many are just plain against it - this is speaking about the Mini crowd. Most prefer to use vinyl as it holds up much better and IMO looks much better too.
Plasti-dip holds up rather well to the environment considering how easy it is to put on but I have never heard of anybody having it on (and not having to redo it) any longer than 2 years. This is a daily driver tho, a garaged weekend car? May last quite a bit longer?
I've only ever personally used it to test what vinyl may look like as if the surface is properly cleaned and prepared prior to dipping, you can just peal the crap off if you do not like the result.