Saw Rino used on a ford project on chop cut rebuild. They used it on fenders for pebble protection as Dave states, but were experimenting with it in areas to prevent the need of gaskets and anti-squeak. Never said if it worked but did comment the thickness was not a problem with the fit after application.
I am considering using it in the cab under seat for gas tank sitting on and the strapping. If it works may go from there. Also going to play with the rattle can version a bit as well when I mount my cab and bed to frame.
Brett