Hey Yeeper,
There is a manual which comes with it that is massive and small print. My understanding comes from that manual (included with the Bifen but best viewed online), especially the parts concerning mosquitoes, and also looking online at reviews on Amazon. The general mixing quantity is 1 oz per gallon of water, this should cover 1000 sq.ft., so you have to set your sprayer and pace accordingly. From what I remember the Bifen manual suggests you can spray with full coverage except on flowering plants, but I did not treat around plants in any bedding etc. I think perhaps that it would be ok to not spray flower beds, since the surrounding treatments will eliminate most bugs.
What I did was set my sprayer to 'shoot slightly long' to treat under the pool decking (for which I sprayed very liberally) and also from the edges of the woods into the woods. I set it at an intermediate level (not misting, but such that the sprayer would shoot about 6' in a wide arc). I then treated the pool walls (in my case AGP surrounded by decking), the deck in full, treated most of the lawns, around the house perimeter to 4' up the walls, and the interior and exterior of sheds/storage buildings. I did not treat as much of my property as I thought, so I should probably revise the 2 acres and state I treated 1 acre with 8 oz (8 gallons when mixed). It can also be used under guttering, but I have yet to do that, and some have used it within homes, but I would probably limit this to garage and attic spaces. I do not think you have to cover like painting, what I did was perhaps 20 feet by 20 feet at a time walking back and forth, not everything was covered or saturated, just enough that half the area had been slightly dampened.
I am very impressed with Bifen I/T, it is stated to be what the professionals use, and it has performed an order of magnitude better than anything I have bought in the past from WalMart, Lowes or Home Depot; I suspect they don't stock it owing to the sales of consumer targeted products. The only thing that bothers us now are sweat bees and that is not too often - mosquitoes were especially a pain, followed by ants, and I have not seen one mosquito or ant and since treatment.
When you do treat, wear gloves since it is obviously concentrated.