I've had it start to eat away at fiberglas paddles. Not good. Anymore I try to avoid the stuff - wear long clothes & smoke a cigar (or wear a head net!).
Not as greasy feeling as DEET and it doesn't damage your gear. Tests have shown it to work as well as ~20% DEET (on mosquitoes) but doesn't last as long. I've been using some 7% on some local evening walks--I think DEET is better, but it is much better than nothing.