Wrapping

Seems to be getting mentioned on here a lot - so I googled it.
Looks like it is something a company would have done, but I assume those talking about it would have a plain colour applied ?

How does it work?
What sort of finish is it ?
Does it peel off etc or damage easily ?
How much does it cost ?

Wrapping (not the music variety) is applying a vinyl sheet "shrink' wrap type finish to your car to change it's appearance - many of the ads you see on buses and corporate images on trucks are wraps as it is cheaper than re-spraying. The vinyl is self adhesive and can be removed when you tire of the finish and want something else! It can protect the cars paintwork and if applied properly shouldn't peel off easily (it should be applied round the edges of panels to prevent peeling)
I was quoted £1500 inc VAT to wrap the main body of an Evoque Coupe and another £200 for a contrast roof effect.

I'm really interested in this so am going to try and see an example...would love to go with the same Matte Grey that BMW do on their new M3