I did a rattle can paintjob on my singlespeed. I think it turned out very well. I did it over three months ago, and I've been riding it four or five times a week since. It still looks as good now as when I did it.
I did several base coats first (this was going to be the final colour but I changed my mind), then two colour coats, then two lacquer coats. I let it dry for about 30 minutes between the coats, longer (over night) for the lacquer.
This is what it looks like now:
(http://farm4.static.flickr.com/3223/2591244292_446c414f78.jpg)
I would suggest not to spray it like this though
(http://farm3.static.flickr.com/2277/2522472038_b11a63d2d5.jpg)
as you just end up with newspaper stuck to the frame when you turn it over.
This is a much better way to hang the frame when you are painting it:
(http://farm4.static.flickr.com/3066/2590138567_34f52ca956.jpg)
N.B. In the last pic, this was before lacquer so the colour looks different.
The overall process was simple, but very time consuming. Even though there was no rust on the frame when I got it, there were a few little scratches so I had to do a lot of sanding. The whole frame needed to be sanded to key it for the new paint. I used wet and dry 1200 grit to prep the frame and to colour sand before the lacquer. About a month ago, I used some T-Cut on it to really bring out the shine and then some wax to seal it in. The finish is very very nice, even if I do say so myself!
£35 a frameset (had two done at same time, different colours each)
that included having the frame dipped / blasted, phosphated (anti-rust) and powder coated. the finish is very nice.
when from this:
(http://farm4.static.flickr.com/3127/3163182697_0904ee8c08.jpg)
to this:
(http://farm4.static.flickr.com/3612/3320204964_47f784a78d.jpg)
chingfords (aka cmf) in slough. CMF (Slough) Ltd - Powder Coating - Stove Enamelling - Shot Blasting (http://www.chingfords.co.uk)