Product review (3 stars): Better than nothing
Bought this almost 3 years ago and have mixed feelings on it.  On one hand, it does protect your dishrack from further rusting.  On the other hand, its questionable if its worth the time & effort to apply it properly.  I used a mini Dremel tool to file down all the rusted areas until I could see shiny steel.  There were probably a 15 to 20 spots I had to do this on, which took me about 2 to 3 hours.  I made sure to wear safety glasses when doing this, didn't want to ruin my day with a piece of rusted metal flying into my eye.  From there I wiped the sanded down spots with rubbing alcohol to remove any residual rust.  The next part, which was applying the ReRack, was most frustrating.  I had to keep in mind that the object of this is to prevent further rust only and not to make it pretty.  ReRack is EXTREMELY thick, so its impossible to apply it nicely like the pictures on the packaging show.  For me, I had to cake the stuff on.  Its false advertisement to display pictures of neatly coated prongs.  Griping aside, it took me between 1 to 2 hours to coat everything to my liking.  I let everything sit for about 24 hours before placing anything in the dishracks.  About every 3 months, I inspect the racks to find spots where coating isn't holding up (little brown spots) and dab a glob on those spots.  This goes without saying, but it gets exponentially harder to apply this stuff the older it gets.  After almost 3 years with occasional inspection, Ive been able to keep my dishrack intact.

In the end, its ultimately up to you, as the consumer on how to approach your rusted dishrack.  You can fork out $150+ for a new dishrack.  Or you could save that money and spend 3 to 5 frustrating hours to fix it along with the required occasional preventive maintenance.  Im frugal, so I chose the less expensive route.

Last thing Id like to add is that I don't and have never put metal pots or pans in our washer.  The only metal I put in the washer is silverware with the exception of knives.  This probably helped in keeping things intact after three years.  Through this entire ordeal, Im most annoyed with the previous homeowner for letting the rack get to the state it was in.  They must have slammed every sharp thing possible to leave me with the catastrophe I dealt with.