I've tried it as well. it's phase one of three of this season's edition of my ongoing chip project. I've covered the entire front end and am pleased so far but haven't had time to make a second pass. (can't seem to stay in town long enough to make it past phase one.)
every year I consider the potential for disastrous results from whatever potentially harmful fix I'm considering - sort of a cost / benefit ratio of a repaint versus, let's say... something like last year's wetsanding project. (or was that the year before last...) cost may be the wrong word, perhaps I should restate as weighing the possibility of success v the probability of failure (freak out factor) v wouldn't I simply repaint the hood and bumper covers anyway (contingency) v my preference to repair it myself and spend time playing with a car (therapy)? in my mind, you have to go into anything invasive with the realization that the most effective almost always carries the largest margin for error, and of course some damage, whether from the initial damage or from the repair, simply can't be corrected without a repaint. wetsanding has served me well, but it's not the long-term, season after season answer for keeping cars as long as I do in colorado.
so this is one of the non-invasive alternatives. it's certainly no silver bullet, but it really takes the edge off road rashed and chiped areas to the extent that my eye isn't instantly drawn to flaws, which is all I was really looking for it to do. my first pass alone was well worth the thirty bucks, and I have every reason to think my second pass will be more effective than the first. if true, I'll be keeping this stuff around.
fyi: this year I'm using 123 for rash treatment, langka for larger chips, and wetsanding where necessary for any remaining problem areas.
ps - has anyone tried something like vm in place of the ftc included in the kit? I used the ftc fairly liberally on my initial session and will likely exhaust my bottle for my second pass. thought I'd ask before I smear this stuff all over my paint again.