Product review (5 stars): Simple, inexpensive and it works
I was skeptical but it works as advertised.  I used a dishwasher cleaner (Dishwasher Magic) before I applied this product to make sure the inside of the D/W was really clean and dry.  The bottle has an applicator brush in the cap so it's easy to use. I put on several coats until the bottle was empty, let it set for two days. This product has a bit of an odor from the vapor as it dries.  It has been about 3 months now and the D/W rack is still in good shape with the ReRack coating covering all the rusty areas.
Edit 06/21/11:  The areas I coated with this plastic coating are still in pretty good shape, I am amazed - and pleased.