Ed, Peel Away is a great product and you will see that I have used and suggested it many times. There are a couple of drawbacks with it though. One is that it takes 24 to 48 hours to work. It is lye based and I would be pretty concerned about keeping young kids away from it. This kind of depends on the kids but it is something to consider for a lot of DIYers.
The next issue is that it's hard enough to convince DIYers to leave the stripper on for maybe 4 hours, let alone 24 to 48. I post a lot on another strippers board and I see that all the time. Since I am there with that companies knowledge, I told them from the beginning that there were times that I would suggest Peel Away and I have many times. Somewhere around 8 to 10 coats of paint is my rule to thumb for switching from one to the other.
The next issue is cost. Peel Away does seem to be a little pricier and you rarely see enough build up of clear finishes, for instance, where the extra cost is justified. But for the over 8-10 coats of paint, it sure is.
The final one is availability. Having a home center that stocks it or even being able to find an independent paint store that will order it for you can be kind of hit or miss. For that reason, I suggest a mail order web site, www.woodcraft.com, in case people have a problem finding it. And, by the way, I usually try to remember to suggest that they order extra "paper" as that usually runs out before the stripper does.
Somewhere down the board is a post from someone that was real concerned that they actually had to remove it with a putty knife. They thought that once they put the stripper and "paper" down, all the old paint would come up with the paper. Thanks for the sites with more detailed info.
None of this is to downgrade Peel Away at all. It is a great product and I will continue to use and suggest it depending on the circumstances. But you do want to pick the spot.
By the way, there is another board where they seem to take great delight in argueing over which of Peel Away's formulations is best. They have several but it is hard enough to find it at all for a lot of people.