I used Rustoleum Rattle cans on my bike.

It was an abandoned frame, so the paint was pretty beat up and scratched in places. First I sanded down teh frame with 120-240 grit paper. Then I used primer to coat the entire frame, followed by an ultra flat black top coat. The flat paint seems to hide some of my errors well. The whole project came out well. I could post some pics later if you would like.

As far as durability, it is a mountain bike, and has seen it's fair share of abuse. The top coat has done O.K. there is some cable slap on the top tube where teh top coat was knocked away; however the primer coat is still intact. I stil have quite a bit of the paint left, so I will touch up the frame when teh weather gets warm again (it is -10 here today).

The total cost of the paint job was about $10 including the spray paint, sandpaper, newspaper, and tape.

Enjoy your project.

By the way, my frame is an old Trek Steel frame. I am not sure how the newer aluminum frames woudl handle the sanding.