POR15 has been available to the public for quite a long time, but it isn't used so much because like you said, it is expensive
POR15 has a lot of other products, but what you are talking about is the seam sealer, and what it does is seal seams! For example when you cut out a chunk of metal from your body (lets say floorpan), after you weld in the new piece of floorpan, you apply this sealant around the repaired seams.
If you rip out your carpet and look at your floorpan, you will see orange hardened goo inebwteen the layers of sheet metal. That is the OEM seam sealant, same idea as POR15.
http://www.por15.com/
If you are restoring your Corolla
Well time for some good news from me rather than all the bad stuff I've been posting up about my lemon. Anyways for all you guys and girls out there who are doing restoration on your cars or trucks. I thought I would pass on a little secret. For a very long time now there has been a product used by professionals to combat rust. It's a restorers secret and only recently has it been avaliable to the public. It's called POR 15 (Put On Rust). I know it sounds gimicky but it does work a friend of mine has been restoring his MG for the last while and swears by it. This isn't spam. It does work. It's not perfect mind you. There are dissadvantages to it as well. I only am posting this because I saw an add on Trucks for it. But anyways I thought I'd share this information to you all. Oh and the draw backs. Well it doesn't react well with UV, it has to be painted over or else it will haze. And it's VERY difficult to take off if you put it on something by mistake. Finally it's expensive. REALLY expensive! But it works wonders on rust buckets! LOL 
This one doesn't eat the rust. It bonds to it! It sounds strange but it does bond with it. It's harder to remove it from rusted metal than applying it as a sealer to bare metal. And to top it all off it's extremely durable. When I took the wire wheel to it, (it was a steel wire wheel not some flimsy brass) it took a while to break though it, and well sandblasting took just as long if not longer depending on what media I was hitting it with. I only am posting this up here cause I know there are so many of us who would love to fix up an AE86 but there just aren't too many out there that aren't too far gone already. 
This would help anybody who is restoring. I've coated my old lawn mower with it, and well I have yet to chip any part I've coated. Briggss and Stratton now that's a hard one to kill! LOL!
:spamo: 
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