Man, this stuff looks great...

http://www.climbinggearonline.com/Five-Ten-Stealth-Paint/p/I>>>>>

Anyone used it yet?

I've used it. Had a shoe blow out (big hole under my big toe) while in moab. Since I'm currently on the road, a resole isn't really an option and I was waiting on a warranty replacement on a pair of copperheads which left me with no shoes.
I filled the hole with aquaseal and then coated the sole from about the arch all the way forward in few millimeters of the stuff and it definitely did the job. I've climbed in the shoes several times and they still climb great.

The real problem with the stuff is that when you mix it it becomes sort of lumpy and it is impossible to spread smooth. Meaning my right shoe looks pretty terrible but still performs well. All in all, I'd say it is good for emergency situations like I was in. Once I get sorted out and am no longer on the road I am sending the shoes in for a resole though.

a supertopo post on the same subject.
http://www.supertopo.com/climbing/thread.html?topic_id=90762>>>>>

Can I just apply it to my hands, feet and knees?

Here's a pair of moccasyms with Stealth Paint applied

Stealth Painted Moccasyms Submitted By: C Miller on Jul 25, 2009

now THAT is a professional looking job, nice work! I would like to do it to the knees and ass of some pairs of pants. i always blow these areas out pretty quickly.