Product review (5 stars): Great product, so far
So far, so good.  I would recommend doing this sooner, as opposed to later.  It goes on very nicely, but cleaning the old rusty crud off would be easier if done sooner, logically.  We did run a dishwasher cleaner tablet through before sanding off the rusty/crusty stuff.

Ventilation is good when using this, as it's vapors are pretty potent and you probably wouldn't want to find yourself waking up on the floor.

It's lasted perfectly through around six or so loads of dishes.