I have been using Monocoat since 1971, and (Like Randy) never had any particular problem producing excellent results on either solid or open surfaces. Tips and compound curves were easy after you got the hang of it (the heating, pulling, stretching, etc.). Heat guns only created problems for me as I tended to burn holes with them. However, about 10 years ago, this changed. None of the Monocoat I have purchased since has worked the way the original material did. It still works, but it is MUCH more difficult to achieve a really good finish with the new stuff than it was with the older material. As Randy says, it shrinks less and unevenly. The adhesive also seems to gas more. I have also had some difficulty with the adhesive layer separating from the mylar. I have been told it is now made in China and the suppliers of both the mylar and the colored adhesive are also there now. Whatever the reason, the "magic" is gone from the stuff. I really miss it, too, as I have always taken great pride in the finish of my planes. Painting/doping/etc. is and has always been rather problematic for me as I have an asthmatic reaction to most aromatic solvents. Before Monocoat, I just doped outside and/or suffered the consequences.
Recently, I (re)discovered Ultracoat (Oracover). I find that it applies much like the original Monocoat, but I sure wish it was a bit thinner. The mylar based Monocoat was thin enough that when applied and sealed properly, you could just barely see and/or feel seams. That seems impossible using Ultracoat, no matter what I try. The polyester material must be a little thicker, and no matter how hard I try, I can always feel the edges (seams).
FWIW
Bob