Going to be looking at an 09 LR3 soon and a person who's seen it said there a clear substance on the hood that was beginning to peel back. He said he first thought it might be a clear coat that was coming loose, but then said that it looked more like a clear decal of some kind.

Is there such a thing? And if so, can it be removed/peeled off?

 

3M has something like that a few years ago. It was meant to protect your paint from rock chips, and bugs (love bugs for example). Not sure how it's supposed to be removed.

 

I would try a heat gun...

 

I've never heard of the clear coat on these coming off from just age, the paint seems pretty heavy duty. I would also guess some kind of decal or coating unless it was seriously abused.

 

It's most likely a clear Vinyl wrap applied to protect the bonnet from chipping. This link shows how it's done
It looks like it has started to peel off your bonnet. The use of heat from a hair drier or heat gun should help to remove the rest, but be careful not burn the paint.