I just applied. Mind you, I am an extremely patient person so I did not rush this.
Dry application on black iPhone 5 - definitely bubbles, no way around it. Maybe the lettering isn't raised as much on the white model?
A wet application - one drop of water on the apple logo, one on the print - seemed to have solved that. We'll see once the whole thing dries.
I didn't find it that hard to put it on. The back square took a few tries, but if you can line it up parallel on one side, the rest just fits. The small pieces were the easiest. I'd say the most annoying thing about the back is if you try to lift one piece to get a speck of lint out, sometimes you accidentally hook another part with your piece of tape. Make sure each section is absolutely perfect enough before moving on.
The front is cut almost exactly to the holes for the camera, earpiece, and home button. Gotta be careful putting this one on.
The quality is fantastic though. I had a cheap-o Verizon screen protector on it at first. The clarity is so much better with the Spigen one. It's like the first time I saw an iPhone 4 display - the resolution feels that different with the Spigen film compared to the cheap-o one.
So far, I love it.