Ellen... Yes, you are missing something. After setting the piece onto the PMA and trimming the extra off, you turn it over and burnish the whole thing 2 or 3 times in each direction, starting from the center working out to the edges. This needs to be done on a harder surface than foam core. Once you have burnished the whole side, you should be able to peel the release sheet off just fine.
For Kittyefaces... quite a while back I called 3M about this stuff and they said they don't recommend it for larger than about 20x24 +/- as the forces of the paper that size or larger expanding and contracting would overcome the strength of the adhesive.
I've used this stuff for ALOT of things. A shop isn't complete without it!