I just recently painted my calipers and used "Folia-Tec Caliper Paint". This is a 2 part brush on epoxy based paint made especially for brake calipers. You can paint the calipers on the car, its a bit tedious but not bad. Put the car up on jack stands and removed all the tires , I spent about 30 mins. paint time per caliper (3 coats each). You have to let the paint dry for a full 24 hrs. The color is a bright rich RED and slightly glossy, very durable and professional looking finish. I was able to buy the kit locally at a tire shop for $30 bucks.

http://v2-en.foliatec.de/shu_cms/index.php?kid=19

http://www.strictly-foreign.com/asp/...%20Tec&L3=&L4=