Product review (4 stars): Works Well and Saved my Racks!
This worked very well on my racks.  The lower was pretty rusty in spots, with a couple places needed more than one coat.  Other reviewers have mentioned it smells pretty horribly, which is 100% accurate.  It is a pretty sturdy vinyl replacement formula, but once it begins to dry it smells less and less.  I knew that it was dry when it stopped smelling so bad!  I would not recommend anyone to use it in a non-ventilated area or if they are sensitive to chemical kinds of smells.  (Pets, birds, little kids-probably would do the painting outside and leave it to dry out there.  It's pretty noxious.)

Once it dried, it has worked very well.  It did not wash right off, but has stayed protectively where I put it to cover the rust on the racks and keep it from staining my dishes and glassware.  It is nice to look at the racks redone for sure, but stopping the rust from spreading and getting worse is the real benefit behind the product.  If you're looking to save your dishes and racks, try it.  (I've heard rack replacement is quite expensive, and my old dishwasher works flawlessly-so I'm happy to keep it as long as I can!)