The photos below are from my Bamboo bike build, I first used a generic primer on the lugs to give a fairly smooth finish.
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Then I used one coat of the spray.bike paint, this went on really easily and really uniformly, giving a nice matt finish.
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I then used their gloss lacquer to finish over the top. The lacquer is much thinner than the colour coat and as such, more prone to runs. As long as you don't rush it and try to keep the tin at an even distance you can get quite acceptable results from it.
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I can't comment on the durability of the paint on it's own, without lacquer, but I expect it is pretty good. As is, with the laquer on top, it's proven to be pretty durable over the last four years, but then, it's not a daily ride and is generally treated well.