We got ours done 3 or 4 years ago. When they did it, I thought if I got two whole seasons out of it I'd be fine. The wrap looks almost as good as the day it was put on. The absolute only downside is that if you rub the dock the rubber tends to stick to the vinyl and it's harder to get off than if you leave a "rubber kiss" on the gel. No real rips that I've seen the only thing I have seen are where the tie downs have rubbed a bit at the chine and worn the wrap. But you need to have it pointed out to see it.
The math has been done time and time again -a if you do a full costom paint job the price can be 35k+ (and that's conservative). So, a full wrap would be anywhere from 3500-5k and last 3-5 years. Let's go conservative on the paint price and high on the vinyl price and low on how long it last. You'd still be able to change the looks of your boat every three years for over 20 years to equal one paint job.
Needless to say, the cost effectiveness of the wrap is evident.