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I don't know, I've always been a fan of undercoating. We would always get it done and had good results with it when I lived up North. After a couple of years you could tell the difference. Fact, I bought a whole case of it to do my truck for when I move it North. Being a Louisianian truck, its got nothing on it.
Maybe I'm biased because I had to apply it for a short period of time and have had to work on cars where it has been applied. People spray it all over exhaust, control arms, oil and transmission pans, and all over the subframe. These are parts that are not going to rust through in any reasonable amount of time and have no business being coated. It may have had a place 30 years ago, but I think the materials manufacturers are using from the factory hold up to the normal life span of the vehicle today.
Interesting article...
I once was looking at a Toyota FJ Cruiser and they had something like 2800 in extra charges they refused to remove. I went with a Speed3 and couldn't be happier.