Product review (4 stars): Preparation is everything
Just completed the repair of my dishwasher racks. Here are some of my experiences and comments about the product and the process.

First of all if you have a moderate amount repair work to do, set aside about 3 to 4 hours of time. Preparation is the key to long term sustainability of this kind of repair.  Directions provided with the product are very simplistic.  Mentioning scrape bubbled areas and sand.  Well, rust or corrosion is like cancer. The best way to insure longevity to the repair is to REMOVE the rust or as much as possible. Scrape and sand will be a purely cosmetic repair which will look better for a matter of months but will begin to deteriorate again.  If you access to a Dremel type motor tool, use it.  It will vastly improve the quality of the repair and the amount of time it will last.  I had bubbling tine ends that were rusting. Use the small cutoff wheels to trim the tine down to good wire.  Some of my tines on the rack have only 3/4 of the tine left, but not rust will be returning anytime soon.

Any bubbling areas on the rack itself, I changed to the mini cylinder/grinder wheel on the Dremel to grind/sand off the rust. Take it all the way down to shiny metal. If it is too rusted, consider removing that small section of the wire rack and using the caps to terminate the cut off ends. Be careful not to grind off vinyl in surrounding areas. It will only create more work with the liquid vinyl later.

It is mentioned here that the liquid vinyl dries quickly while one is applying it. This is true. Work on painting all the rack repair areas first. Apply in quick even moderate brush strokes. To prevent gobby drying on the brush, stick the brush back in the bottle when moving from one repair area to the next. Do not shake the bottle during this time, it promotes globby buildup on the brush shaft.  Minimize the liquid vinyls exposure to the air on the brush. First coat should dry within an hour or less. Do another coat the same way. Maybe even a third coat on some areas.

Lastly, "gluing" the tine caps on. Use the method in the directions. I saved this for last because it doesn't take but a small drop to "glue" the tine end on and the brush will probably be a little globby from the rack repairs which is okay.

I bought the 80 cap kit, only really needing to cap 50, but I put the rest on heavy used tine areas for preventative measures.  I bought an extra liquid vinyl bottle at the same time.  I used about a quarter of it. I ended up doing three solid coats on all the repair areas.

Now let see how it holds up long term.

Good luck!