Keith, you've already gotten some good advice from the guys. I've been working with the plastic films for a few years now and thought I'd throw my 2 cents in here. Wonderful stuff, those films. Is it as beautiful as a paint finish? Well, it can be, but IMHO nothing beats a beautiful, hand rubbed clear finish. However, if you live in a small house or apartment, have a less than understanding wife, small children, or maybe even neighbors who don't want to be subjected to the smells a paint finish produces, then film is the best way to go. It won't get you in the front row at the Nats, but then my paint jobs wouldn't either.
Just a few thoughts as I'm writing. Monokote, IMO, produces the most durable finish. It's shinier (is that a word?), more resiliant and will withstand the sun's rays better than the other films. It's also harder to apply. On the other hand, Ultracote is easier to apply (takes less heat and generally shrinks better/easier), but is not as durable, and doesn't stand up well in the sunlight over time. Monokote is easier to trim because you can use the Windex method to apply your trim. Windex doesn't work with Ultrakote.
Tack, heat, stretch. Tack, heat, stretch. Practice. What everyone else said. You can do it with time and practice. Nice thing is, if you don't like the piece you just put on, rip it off and start over. Corners are definitely the hardest and take the most practice, but I'm not above cutting and pasting. Been there, done that.
As far as preparing the wood, I've never done anything. I'm not saying that the time spent is not worth it, I've just never done it. I'm going to try some Balsarite on my plywood pieces next time, the film seems to have trouble adhering well to plywood. Just remember that a film finish is very similar to using paint. If you can feel it, you'll see it. Time spent sanding joints to make them perfect will be reflected in your finished product. If you feel a ridge, you'll see a ridge-the film won't hide it. Oh, I do take a tack rag and go over the entire airframe before covering it.
On big surfaces, such as wings, start in one corner, tack. Go across the short side to the opposite corner, pull and tack. Then go diagonally, and pull and tack. Then do the other corner, now you have all four corners tacked. Now go to the middle and gently pull and tack, then opposite that. Gradually go around the entire surface pulling and tacking until it's as tight and smooth as you can get it. If you get a wrinkle, pull it up and restretch. Gradually go around the entire surface pulling and tacking until it's as tight and smooth as you can get it. Work slowly and carefully. Once the entire perimeter is sealed use the heat gun and gradually shrink it. I like to start in the middle and work out to each corner. Once you're happy with how it looks, take the iron and go back and do all the cap strips. By sealing the covering to each rib, you'll eliminate that "drumming" sound that is sometimes there with a film finish. On small surfaces such as flaps, sometimes when you put the film on one surface, it tends to warp. Don't panic-in most cases, doing the other side will straighten things out. If not, just carefully apply heat until the warp is gone.
Do the bottom surfaces first, then the top. The top overlaps the bottom always. Make your seams on the fuselage so that fuel won't get into them by working from the rear to the front. Overlaps should always be toward the rear.
A good covering iron is key. I like the Coverite iron myself. Save your money from buying those stupid, overpriced "iron socks". Just take an old cotton pillowcase and cut it up into small squares. You don't even need to wrap the square around the iron, just set it on the film and move it where you need it. Don't work without the cotton squares, you will eventually scratch the film. One pillowcase will last for many airplanes. One common mistake is to have the iron too hot. Practice on some scrap pieces of balsa to get the temperature correct. Too much heat will ruin the film. Remember to use the cotton squares when you're setting the temperature as you will need a little more heat. You want to use the least amount of heat that you can.
I've attached a few photos of some of my planes. These are all Monokote finishes. Sharp observers will notice that they don't have leadouts. Yes, I confess, I also fly on the "dark side" where leadouts are not necessary. I have just recently returned to Control Line after much prodding by some of my R/C buddies who started in the hobby many years ago flying C/L and wanted to see me fly one of my stunt ships. My flights are usually accompanied by comments such as "Wow, I didn't know people still did that!" Or the usual, "Don't you get real dizzy?". It's kind of funny. They are very supportive however, and now I have a nice field to fly C/L from.
Sorry to ramble so much guys. I love this forum-lots of fun and great advice.
Have fun Keith, and give the film a try. You'll get the hang of it in no time.