I did a JetHot on my headers, collector, and muffler. I have not used it long enough to give you a perspective on longevity, but one observation is that it's a more fragile finish than I expected. Be very careful because you can scrape and scratch it if you're not careful. That might impact your color choice.
Consider the higher temp coating. I hear it's more durable (and more expensive).
If you're applying this coating to a used system, you'll want to spend lots of time on prepping the parts. Jet-Hot does not do that for you. If you have surface rust and want a clean finish, spend the effort to clean it up because although it covers the rust, it doesn't smooth it. The finish is thinner than I expected.
I don't know if the underbonnet temps have really improved, but the finish looks very good and there is zero rust or discoloration.