Product review (3 stars): Good for the tines and top rack, not good for bottom rack/anything closer to the heating element.
Good for the tips but the vinyl on the bottom tray, closer to the heater, has been bubbling and small sections are either coming off or sticking to dishes which I keep having to repair.  I ground off all the rust prior to application and let it (multiple coats) set 2x as long as it recommended prior to use.
I'd recommend using this if it is just the tines top that are starting to show rust but if you have notable rust sections, especially in the rack next to the heater, you look to replace the rack.