I recently (within the last month or there about) painted my Suzuki "British Racing Green" with rattle can paint. I selected the line of Duplicolor Engine Enamels because they are supposed to be tough, durable and oil/fuel resistant. This stuff is hard to get right, and it takes a long time to properly cure. I found it very sensitive to humidity... However, now that I finally finished it looks pretty good.
I stripped the tank down to metal, worked out all the dings, and primered it. Wet sanded all that down, and then shot the green paint. I didn't worry about little bits of trash, small bugs and dust landing in the paint. I put on about four coats. The first three were real thin and the last two or three were pretty thick. Then I set it all aside for about a week. Sometimes I would move it all outside for the afternoon so it could bake in the hot Texas sun. After a week of drying I wet sanded the whole thing with a 1000 grit under a gentle flow from my garden hose, let it drt (with compressed air), wiped it all down with a Tac Cloth, and then repeated the exact same paint process with Duplicolor Engine Enamel clear coat. Again I set it all aside for about a week.
Then I got out my 1000, 1500, and 2000 grit wet/drt sand papers. Under a gentle flow from the garden hose I first focused on any imperfections with the 1000 grit paper. This took them all out. Then I lightly sanded the whole thing with the 1500. I like to close my eyes and do this mostly by feel. Then I went back again and did it with the 2000. I Then lovingly dried it with a clean towel and set it out in the sun to dry for a little while. Then I finished up with by first hand buffing the whole thing with some Turtle Wax Rubbing Compound, and then hand buffing it all with some Mother's Carbauna Wax.
The paint looks perfect everywhere. I mean, when I finished it looked so good that I almost cried. Seriously. On this bike I also applied checkers between the green and clear coat.

Then I used some rubbing compound and a clean rag, hand applying the stuff in little circles, going over everything at least twice, paying extra attention to the worse areas. After sanding this stuff made the paint so smooth!

Then finished with a nice dose of Carnauba Wax.
I did the whole thing by hand, and HOLY SMOKES! It turned out good.
I suppose someone out there would like to see what paints I used, so here are some pics of that crap too. I bought all this either from WalMart, or one of the local car parts places.

green rattle can paint

clear coat
I also used some primer.... but I think that's all.
I'll be surprised if anyone actually reads all of this. I think I posted some of these same pics a few weeks ago? I don't remember.
MY #1 PROBLEM WITH USING RATTLE CAN PAINT IS that it is very slow to dry correctly. It is prone to wrinkle up when I applied the second coat (clear coat), and I ended up having to redo it a few times before it is right.
My #2 problem with using rattle can paint is that it is not as durable as "real" automotive two-part paints. Even when it is dry (a month+ to cure) it still is more easily damaged.
I did this bike with rattle can paint sort of on a bet that it could not be done and look good. Well it looks great, but I know that the finish is relatively fragile and I am always on edge about protecting it from stuff like little gas spills, etc. Next time I absolutely am sticking with a better paint.
I hope my thoughts help.
-fang
Peace and grease
-fang