For whats its worth: I've only used Ultracote to repair previously covered planes and I found it pretty good to work with. I've only covered two kits and I used Nelson Lite-Fab. As its a fabric, it has kind of an old school look, which is what I was seeking.

Advantages:
Very easy to get a nice tight covering job. VERY
More durable than the the other plastic coverings. Less hanger rash.
Can be painted. I used Rustoleum on one plane. Came out good.
Roll comes in 2 meters. A bit more than others
Has a matte finish if thats what you want.
Backing easy to remove.

Disadvantages:
Expensive. $19.99 per roll
Limited colors.
Maybe a bit heavier than other coverings...not sure

If you're wanting the flashy shiny finish that is so popular, its not the covering for you, but if you want the flatter look with the fabric look it can't be beat. Nelson also has a line of paint that I haven't used.