Is it really important to let it dry for 12 hours and then reapply a 2nd coating?

Do you also use the entire can on 1 bike?

I plan on doing this on both my bikes within the next month.

Rode my Pista for a long time yesterday (with 2 guys from Bike Forums!) and we went through a lot of wet parts where the snow didn't melt yet.

I still haven't cleaned the bike off, too tired yesterday, but I hope no water got down the seat tube (it wasn't raining).