I would say that plasti-dip can make for a fun project that "may" look good depending on your application and the quality of said application. Long term though, you may want to consider other options. The novelty will wear off as the condition drops.
I dipped parts of my car about 5 months ago and it's time to come off, and not go back on. The only area that, I think, still looks decent is the passenger door handle, which almost never gets used. I'm either going to replace the dip with painted parts, or in the case of the bumpers, look into vinyl instead.
As for how to dip. Do a good job masking off what you don't want to be painted, use a smooth and steady hand, and apply multiple coats. 5 or 6 should do it. Also, give the dip some time to cure. Even though it looks dry, it is still "weak" and any minor bump or scrape will peel it off. It needs a good 24 hours before it has set properly.
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