It doesn't look cheap at all. If my counters were in bad shape or an outdated color, I wouldn't hesitate to try it. Forgot to mention that this has been done for several years and has held u very well. Looks like she did it yesterday. Have not tried this YET, but plan to.
Time is definitely a factor.
I used two coats of Kilz, two coat of the base coat then sponged. Followed that with clear poly. I used a number of coats - they recommend at least three. I then covered with Modge Podge, let dry, and added a couple of coats of clear varnish. I didn't have so sand, so it left the counter under it in good shape if I ever wanted to go back and remove paper.