If you live in the rust belt, I would not recommend uncoating. When new and in perfect condition it works great, until pin holes develop. Then salt and water will intrude and rust the metal, hidden behind the undercoat. By the time you find out there is a problem, repair can be pretty extensive and expensive.
There are several brands of wool wax products out there, as Curious Hound mentioned, that work very well but it is not a "one and done" treatment. The thicker, professional grade stuff holds up better than the rattle can variety. So, touch ups are less extensive and if done by a shop the is experienced with it, they can get into places that the average person would not be able to. Of course, there is the shop rate cost in getting it done. A benefit of wool wax products, besides the fact that it is a natural by product from sheep wool processing for clothing and cloth, is that it will wick into cracks and crevices of the structure that rubberized undercoating will not.
Doing it yourself with the rattle can product will do a pretty good job of protecting things but more areas will need to touched up in the fall. Expect to need about 8 cans, possibly more, with the first application. Less the following years. You will be able to tell what needs redone and what doesn't by looking at it.
Of course there is a down side as there is with anything. If you do your own work, everything under the vehicle will be a greasy, grimy mess. So, if you don't want to deal with that, rubberized undercoating may be the thing for you.
Another consideration is how long do you keep vehicles? Until the lease is done? Trade it in after it has been or almost been paid off? Much longer? That may factor in to which treatment is right for you as well.
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