It is really an alternative to wax in what it actually achieves i.e. UV protection, slightly easier cleaning etc. The main difference is that it is semi-permanent and can last for several years. It does NOT protect against stone chips, scratches, or even swirls to any significant degree. I had one of our cars professionally ceramic coated from new and it was okay, but nothing special. Saved waxing it for a couple of years, but I wouldn't bother again.

There are now some decent DIY ceramic sprays available - Turtle Wax have a ceramic spray and their latest and greatest includes "graphene", so must be cool! I've been using it on my wife's new car and it seems to work very well. Haven't tried it on my bikes as I don't really see much point, but now I've seen this thread I might squirt some on my road bike frame next time I clean it up.