I've done my 96 tacoma truck bed.... my 96 tacoma rocksliders.... A 92 Jeep tub and a 94 Jeep tub.
For what it is, I'd do it again - depending on the situation.
On my 96 truck bed - I had a tonneau cover
on it. It lasted a good 4 years when not exposed to the weather. If you drag heavy objects on it, it will scrape off. Touch ups are EASY. I had it 'over the rails' - and the stuff that was exposed to the weather wore off after a couple years. I had to buy more and re-paint it. No big deal... When you repaint it, there's no prep work. Just paint...easy.
On my 96 Square tube rock sliders - This was also exposed to the weather. I never fully prepped the flat steal, and that's where it would peel up. If you apply it to flat steal - make sure you either paint the surface first and scuff the paint OR scuff the steal somehow so the Herculiner has something to stick to.
92 & 94 Jeep Tubs: This was actually one of the best things I did to the jeep. With proper prep work (the jeep tub was completely bare when we prepped it) ...this stayed nice for years. It never got thin and I never had to re-apply it.