Steve,
Yes, its milky colored until you heat it, then it goes clear. Not quite transparent, but close. Its very easy to work with. I tried some SLC and it stuck well to the wood, but not to itself, it seems to creep. I had a wing half covered bothe sides with a very good lap around the tip. I shrunk it with my heat gun and it looked great except for one spot. A littl more heat and the wrinkle moved, I cahsed it around until I realised the lap join had slipped and the covering pulled off the tip. It was well sealed because the adhesive was left behind. I suppose with some practice I'd get it down, but I ripped it off and put Monokote on it instead.