It's actually very misleading. My wife and I purchased the same plan when I bought my Accord a few months ago. I knew being the detailing aficianado that I am that I would take care of the outside, so we were only interested in the inside protection for stains. Honda calls their the Protection package and try to sell it for $699 and claim that you get permanent warranties on stains inside the car and oxidation or paint issues on the exterior.
We talked them down to $150 (still a ripoff in hindsight) as we only wanted the interior done. They told us that they could only sell it as both and would sell us both the interior and exterior for $150. Lucky for me I got wise on how these things worked and asked questions just like your on boards like this beforehand. What I found was disturbing. Regarding the outside paint warranty and protection, they just apply a paint sealant. The words you really want to focus here on is "they apply". To translate, they are going to muck up your paint something terrible trying to apply a cheap paint sealant. Anyhow, I specifically instructed them NOT to do the outside protection package at all knowing they would only succeed in swirling my paint. When I picked my car up later on that day, they handed me a cheap bottle of paint sealant and said, here, you paid for it, lol.
By the way, they don't claim the original application of paint sealant lasts 5 years or forever. If you read the fine print, which I finally did, it instructs you to return to the dealership every 6 months for re-application in order to keep the warranty valid. Failure to do so voids the initially warranty claim of 5 years or forever.
Well, any modern clearn coat that gets paint sealant protection twice a year is going to last 5 years. Thing is, most people don't know that and almost nobody reads the fine print. Save yourself the hassle, don't buy those things. Spend $15 on a nice bottle of paint sealant that will last you for years, apply it yourself, and you will get the same results without the dealership messing up your paint.