I use this system for my company, practice certainly made perfect. Do not use that white cotton cloth that Dr. Colorchip provides, it's rough so it'll easy take paint out and it'll also introduce new swirls to your paint. The Simoniz orange cloth they sell at Canadian Tire works a lot better. You could use a microfibre as well but you will need more Sealact to remove the excess paint. If the chip is substantial (more than 5mm), I recommend using a primer paint pen.
I personally charge $60 to repair up to a dozen chips for individual clients which is about the same cost as getting the kit itself after shipping, I know how to make it look good and I guarantee the work for a year at the moment, I'm looking to increase it to five years eventually. This could be a good business opportunity for some of you in the east coast.
Leaving the paint on for 12 hours will give better results, the paint stays on better even if it does take more effort to rub out the excess. I don't have the luxury of 12 hours, I want to be in and out in 30 minutes for small jobs, though I am averaging 45 minutes and working to get it down, but those of you who have bought kits will be able to. Any subsequent coats after that first one can be rubbed out as soon as it dries. The worst chips might require up to 5 coats to get it level.