I wish Great Planes would clearly differentiate between the two VERY different products sold under the "Coverite" label,
Thrasher, what you bought is 21st Century Fabric made by the same company that makes Super Coverite. The very detailed and accurate information ddubya gave you above don't apply to 21st Century Fabric because it CANNOT withstand high temperatures and therefore won't shrink nearly as tight (nor stay wrinkle free) as Super Coverite.
If the package is unopened and you don't mind painting the plane (this IS the kit builder's forum, after all, right??), then I strongly urge you to return it and order a roll of COVQ1100 1251 SUPER WHITE 45"X15' This is the 15 foot roll. Tower has it reduced to $41,85 on their Daily sale page:
http://www2.towerhobbies.com/cgi-bin...?&I=LR0014&P=1
Trust me, having used both products extensively, I can say that Super Coverite beats the pants off 21st Century Fabric in terms of ease of application, shrinkage and durability.
If you insist on a PRE-PAINTED fabric, then I would recommend Solartex which is distributed by Balsa USA.