All -- this was actually REALLY EASY to do and only took about 15 minutes per wheel. I bought a Dupli-Color caliper paint kit from Auto Zone for about $15. It comes with the paint, spray cleaner, masking tape, a mixing stick, and a paint brush. It comes in lots of colors too. The paint itself is ceramic-based and is supposed to withstand over 500 degree F heat. The paint comes in a pretty small can but a little seems to go a long way. I did two coats on my front calipers and I have enough paint left over to do two or three more cars.

Aside from looking cool, it ostensibly will provide added benefits because it fills in the imperfections in the caliper casting and creates a smoother surface that should be much easier to keep clean.