I was reading this months issue of AMB (australian mountain bike magazine) and there is a small section on protecting your bikes frame from scratches and just general protection. They used a product by 3m called "Abrasive resistant film" which basically looks like a clear plastic (looks invisible once it is on) and will stop and sort of scratching to the frame. Since i will be getting a new bike soon i was considering doing something like this, but they warned that it has been known to strip decals off if they havent been clear coated.

Has anyone here done anything like this to their bike? Any suggestions?

Why do you want to do that, too much effort for my liking. Anyway bikes look better dirty and scratched

yeah i saw that article and thought "what's the point?" (i go so far as to say the same about chainstay protectors)

in any case, judging from what it is (its just a layer of clear film, nothing special) it will probably mitigate some heavy scratching, although i think its most useful to prevent cable scuffing. i wouldn't worry about stripping decals though, imo just leave it on, or not have it at all.

I get teased for waxing my bikes and using touch up paint but I like them to look (reasonably) nice and it gets me taking a close look at the bike for other problems. I considered using clear tapes and extra clear coat paint at one time but decided not to based on weight (hold a small can of clear coat or roll of tape; it's surprisingly heavy!), durability (looks great now but what will it look like after six months?), and 'simplest approach' (least hassle, now and future). If my frame got so trashed it bothered me and I wasn't looking for a new bike, I'd have the frame painted and put on new factory decals.

I find almost every cable scuff or other surface mars can be rubbed out with common rubbing compound. Places where the cable might actually 'cut' through the paint can use a little patch of the 1" wide 3m adhesive-backed heavy-duty rubber grippy stuff you buy by the foot at the hardware store to make stair and walkway grip strips (a horrible description, I know - btw, that stuff makes outstanding chainstay protectors!). I run a soft chainstay protector to protect the chainstay but also so I don't have to listen to chainslap.

The clear tape might work great; if you try it, please let us know how it turned out.

If you got to a dirt bike (motorcycle) shop worth their salt go in and buy a package of "Clear" Plate Sealer. It should cost around 5 bucks a sheet, and a sheet should be more than a sufficient amount for one bike. Be sure that when you cut out patches to protect from cable rub etc. you round the patches, don't have any corners since they'll eventually peel up....
Now the million dollar question... Why should i bother i like my bike all scratched to hell.
Well yah i kind of agree with you.... BUT
Sometimes you buy a bike that costs you a fortune, my Bullit cost me over 3 grand, i want to protect it and keep it looking good since i spent all that dough, and if i ever decide to sell it i can peel the sticker off and instead of a huge gouge from cable rub it'll look nice and easier to sell to someone.
Also it really depends on the frame, sometimes cable routing is such that it really demands plate sealer on a bike, i had a GT i-drive that i never patched up and i had cable rub so bad it nearly ate through the dog bone mechanism on the rear supension above the i-drive mechanism. Looked like crap, and it probably will eventually compromise the strength of the part after years of mud riding especially.
You can also dress clear plate sealer on your forks and the undercarriage of your frame for those of us who are fast and kick up rocks or have rocks kicked up on us from chasing our pals down. Just depends how far you wanna go and especially handy for people who constantly upgrade and sell off old bikes/parts.