These guys have been selling PlastiDip kits for a while now:
http://www.youtube.com/watch?v=rNY9Dx617N8
Apparently, the stuff holds up very well under most conditions, and there are many different finishes and effects that can be achieved. You can see all the materials here, if you browse the site:
https://www.dipyourcar.com/home.php
Perhaps the most interesting aspect of the treatment, though, is that you can change the color of your car as often as you want. It's also relatively easy. A friend of mine has used it for some trim, and is familiar with a few mini-trucks with the finish.
Alternative coverings and finishes do have their place; even that wrap. If you have an overly worn vehicle and can't afford a re-spray, or simply can't be bothered, it's certainly not out of line to give these things a go.
It's better than nothing, and at least you haven't applied a shitty paint job.
Cheers,
Kennith