Advantages

I will list the advantages of Vinyl Wrap here as I 'discover' them.

• Lots of helpful videos/tutorials on line. 
• Looks like paint as in better than any paint job I could/would do.
• DIY friendly. I can do the application a few pieces at a time and then go flying. The learning curve is short and easy. Start on the gear leg intersection fairings. Wrapping them successfully will bring you up to speed.
• The tools cost is minimal especially when compared with paint equipment. Some felt covered plastic squeegees, cutting tape, tweezers, precision knife, and a hair dryer/heat gun.
• No fumes, paint booth, etc.
• I can wrap over many of the parts while installed on the airplane and then easily extract and reinstall screws using simple vinyl screw head patches made from a paper punch (or cork boring tools).
• The vinyl has a fair amount of stretch and give.
• Most screw ups in application can be easily redone using a heat gun and patience.
• You can double up the leading edge of your wing, fairings, cowl, spinner, etc. for bug protection.
• You can permanently install Tinnerman washers under the vinyl so you do not have to paint them to match. You can also wrap them before installation but you  will need a way to make nice round pieces of vinyl.
• If your airplane is painted, and the color matches one of the vinyls, you can use the vinyl for covering screw heads. You can also use it for leading edge protection just like on the cars.
• It's sensitivity to aviation fuel makes it an excellent fuel tank leak detector. It will pucker/bubble up around any rivet with even the slightest (no blue stain) leak.
• It hides the pin holes in fiber glass (but not fiber glass weave nor areas poorly finished). 
• Sunlight makes the seems almost impossible to see. I have to walk around and look for them. To the casual observer, it is paint.