The only problem I have heard about graphene so far (besides the current high production price, but as with all new technologies that will fall) is that it could be harmful to health in a production environment if not handled properly... thousands of microscopic flakes of it are probably not lung friendly.
@spurgeonryan. The technology is known as superhydrophobic, and there are a few products available or in the early stages of releasing that involve spraying onto other non hydrophobic materials (I believe the one you are referring to is called "NeverWet") The tech in general certainly has a number of useful applications, particularly for keeping surfaces clean.
There are also some superhydrophilic materials being developed... essentially 'supersponges'.
This is a nice video if you are interested in how it works: http://www.youtube.com/watch?v=PPJ0Khs7uWs
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