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I have some experience with this stuff. You can get it in the smooth version and it comes out looking pretty good if you apply it right. I used it on the lower half of a 1990 C1500 that I used to own, and again a few weeks ago on the rear bumper of my 2007 Dakota.
I swear I saw that BLUE jeep at a motel I was living at in Ohio last summer. Some roof repair guys from Texas fixing house roofs damaged by hail. I'd think long and hard before using this all over. Unless your an avid off roader through lots of brush and trees I don't see the reasoning.