After a day of submerging my mouse in the liquid version of RetroBright (3% peroxide solution), I found that the sticker on the bottom of the mouse had what looked to be bubbles in it (i.e., it was no longer smooth to the touch). You can sort of see this in the photo in the foggy areas of the sticker.
But I am pleased to report that after drying out through the night, the bubbling was gone the next morning.
The sticker was very slightly discolored from the RetroBright treatment, but not very bad. And I say this being someone who gets upset over every little thing. This was very acceptable to me.