I've had Chip-Guard installed at smart center Seattle when I took delivery of my smart on 11 March 2008 and I believe it protects your investment. It not only protects the "hood", but the front part of the fenders, lights, and the front area beneath the hood (by the grill, front license plate). It's also on the outer-edges of the doors to protect it from chips incase you open your door and it comes into contact with another car or a wall.
I do a lot of freeway driving and have found the front end of the smart really gets pitted. I'm pretty sure had I not had the Chip-Guard, there would be areas of missing paint (I have the metallic blue), on my front end. I have already had rock chips in my windshield and had them repaired. There are so many big trucks that carry gravel or sand that are not covered on the freeway and they leak. I haven't had any problem with the Chip-Guard and my paint and believe the cost of this protection is well worth it, especially when you live in an area that puts down gravel on the roads during wintery conditions.
Maybe it's a little expensive, but it offers peace-of-mind for me.
-my 2 cents-
-Tom L.