Ultracote is without a doubt more user friendly, shrinks a lot more and I think it sticks better, but I use monokote for almost all of my planes. The reason for that is because it is a couple bucks cheaper, and I can get it at Tower Hobbies. Monocote also has a lot more colors to choose from.

As for your covering, you will reach a point where the monocote stops shrinking, but it's unlikely that you have reached that point. Try not ot get the heat gun to close, or as you found out it will burn and melt the covering. Also try to move the gun around to shrink a big area, if your holding it still it will only shrink a small area and you probably did reach maximum shrinkage at that spot.

I have linked two very good articles on how to cover.

http://www.rcuniverse.com/magazine/a...?article_id=67

http://www.rcuniverse.com/magazine/a...article_id=726


Hope this helps,
Austin