I have found no real difference in the way I put on Monokote now and the way I used to do it. It doesn't smell as good as it used to, and it has a separation between the color and film now where it used to be a solid colored film, but it's just different now, not unusable.
I am careful with the open bays, that's where it can go wrong with me. The sheeted areas seem easy. The shrinking is pretty easy as long as it is layed down and very taut already. I only heat the very edges with the iron, as little as can be gotten away with, then shrink it with the heat gun. Tips are still the same old fight to the finish, heat stretch, "I wish Whitely were here to heat while I stretch". I noticed that it takes a lot of heat to shrink but the fine line between the shrinking heat and a meltdown is narrower than the old. When it melts you can see the separation between the color and film, it used to just burn a hole that one would find a nice decal or sticker to cover it. Not so easy now as a larger area will be "burned" and discolored. This has only happened to me when I was repairing something in a hurry.
I'm doing an all white model with LustreKote and MonoKote and it's coming out well. I seal all of the edges with solvent and then go back over them with clear lacquer and a small plastic model type brush. I've got 500 flights on a Tower ARF Kaos that everyone complained about the covering "falling off" yet as prepared (before it's first flight) it's doing fine.
On R/C forums there are threads five years long discussing the new formula, very entertaining on a rainy night to read them.
Chris...