I've done it a number of times. One using a wrap like the one you linked (different vendor though), another cutting my own wrap, and a third by pulling the old leather and cleaning it and redying it (pictured below)
With the kit you linked it's very easy and not that tedious. Sit down on the couch with a show going or some music and just start in. Best to remove the steering wheel though, makes the whole process more enjoyable. Typically you remove the existing leather though, so if you screw up you're out more than the 48, I don't know how one could screw it up though.