I do this every time I make the 5 hour trip to Dallas (about once a month). Doesn't take but 20 mins or so once you get the hang of it. It's never damaged my paint and it stays on their even through rain. No residue left behind or anything. I'm pretty sure it strips the wax, but that's an easy fix.
To the person who says it looks horrible, it's not meant to look good. However, after driving a NHBP Si for 30,000 miles, I can say that my front bumper looks better than most 8thgens with just as many miles. I've put too much blood/sweat/tears/money in this car to treat it like a daily driven beater.
