Product review (5 stars): Worth its weight in gold!
I was a little skeptical at first, but decided to give it a try.  I followed the directions.  The dishwasher racks were completely dry before I started.  I was careful to remove all the rust first (used a fine-grit sandpaper), and I took my time, letting it dry between coats (I gave it more time than the directions specified...just because), and it has held up perfectly.  It's been over a month with pretty much daily use of my dishwasher and my racks still look good as new.  No rust has come back at all.  My racks look good as new!

It is very thick, and I'm not sure what kind of shelf life it will have after using it, but for the price and the quality of repair I was able to get, I would just buy it again if necessary.