Product review (5 stars): So far so good.
The clean up of your racks is most important ...remove the decay, rust and be prepared to layer up the poly-vinyl coats until they rematch thickness of the surrounding spines.  This is not a paint once job.  It will take patience and time.

The paint is volatile and needs lots of ventilation.

The tine caps discolour to pink after the first wash, not a big deal as long as they hold up.

Overall worth the investment as long as the dishwasher is in good working order.  Mine is already 14 years old and going strong.  A little TLC goes a long way.