Surprisingly, it's not that scary.
The topcoat is basically just acetone with a little silica (i.e. sand) mixed in. Acetone has pretty low toxicity, but due to the silica you definitely want to wear a respirator while you're spraying this stuff around.
The bottom coat is where all the interesting stuff is: Xylene, Naphtha, Hexane, Methylethylketone (Butanone), Toluene, and a proprietary polymer
The composition is similar to gasoline if you removed the benzene and long chain hydrocarbons (heptane, octane, etc.). As for the proprietary polymer, you're probably already familiar with another highly hydrophobic and lipophobic (and previously proprietary) polymer: PTFE (a.k.a Teflon). It's not
exactly PTFE or it would have to be listed as such on the MSDS, but all signs point to it being something substantially similar. Another strong hint to this effect comes from their FAQ:
Quote:
What is the working temperature range for Ultra-Ever Dry SE 7.6.110?
Answer: The working temperature range for the product is from -30°F to 300°F (-34°C to 149°C) once it has been applied. It has been effective at temperatures up to 500°F, but we would recommend further testing for any application that will see temperatures above 300°F (260°C).
Wikipedia wrote:
The pyrolysis of PTFE is detectable at 200 °C (392 °F), and it evolves several fluorocarbon gases[21] and a sublimate. An animal study conducted in 1955 concluded that it is unlikely that these products would be generated in amounts significant to health at temperatures below 250 °C (482 °F).[22] More recently, however, a study documented birds having been killed by these decomposition products at 202 °C (396 °F), with unconfirmed reports of bird deaths as a result of non-stick cookware heated to as little as 163 °C (325 °F).[21][23]
While PTFE is stable and nontoxic, it begins to deteriorate after the temperature of cookware reaches about 533 K (260 °C; 500 °F), and decomposes above 623 K (350 °C; 662 °F).[24] These degradation by-products can be lethal to birds, and can cause flu-like symptoms in humans.
Whatever it is, it's probably completely nontoxic at normal temperatures for the same reason that Teflon is. Being highly hydrophobic and lipophobic, your body chemistry simply has no way to interact with it. This is one of the reasons for using Teflon-coated implants in medicine.
TLDR;More or less they've come up with a do-it-yourself way to apply a Teflon-like polymer coating to most normal materials using pretty typical solvents. You don't want to breath this stuff while applying it due to said solvents and the silica in the topcoat. Drinking the top or bottom coat would be like drinking acetone and gasoline respectively. Don't do that. The "magic ingredient" itself is probably extremely inert in the human body.