Yeah, those were some of the same questions I had. From the short bit of research i've done, it appears that it will adhere to just about anything with the proper preparation. It is also completely inert, so it won't chemically attack metals, etc. Not much to read about using it in fuel/oil mixtures, but seems to be used pretty extensively in critical industrial applications with lubrication systems only.
Might have to do some more reading. Not sure about wear, etc. Is one coating enough, or do you have to do it all the time?