I've used waxoyl hardwax undercoating because I could get it in aerosol cans, it wasn't super expensive, and it's self-healing to some extent. I put it on over a year ago and it seems to have held up except for some spots on the rear axles and front beam where the car has rested on jackstands.
I've read of people using rubberized bedliner-type coatings but I've gotten the impression that those can trap moisture between the coating and the metal, leading to rust in the long run - rust that may not be apparent because it's masked by a fairly solid layer. I've also read that bedliner is a nightmare to remove.
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I just looked on the Samba and some noble soul did a side by side comparison of six wax-based undercarriage coatings:
http://www.thesamba.com/vw/forum/viewtopic.php?t=479448&start=0
Bedliner might be good for non-metal wheel wells. It might help prevent damage to your paint from a pebble smacking the inside of the fiberglass at high speeds. I don't think Waxoyl would do anything to fix that potential problem.