I was able to try the PlastiDip thsi weekend.
I took a painted piece of metal, and I taped off two sides, and cleaned the paint. I then sprayed several passes of PlastiDip until it was fully covered and shiny. I then waited just a few minutes and peeled the tape off one side.
For the other side I waited the full 30 minutes that would be required to do another coat, and then I attempted to remove the tape from the other side. As I anticipated after reading what old_rider said - the PlastiDip does not seperate cleanly when removing tape. The PlastDip has a very strong surface.....and it does not want to seperate once cured.
I let the PlastiDip dry overnight, and the next day I was able to peel it off. It sticks really well, and it reminded me of the kind of material a latex balloon or glove is made from. It is very stretchy and very strong.
With what I learned I taped off my swingarm, sprayed a few heavy passes for good coverage, and then carefully removed the tape. I did bump the wet surface in one spot on the vertical piece just in front of the tire and it made a smudge. The PlastiDip should do a good job protecting the swingarm from the rocks thrown by the tire....although it would have been nice to get a few more coats, the only way I can think to accomplish that is to remove the edge masking tape between coats and apply new tape on the edge with each coat applied.