I saw your post on TOH BB. I guess it's hard to trust people and frankly it is a good idea not to. I usually post answers at TOH (This Old House), however I have answered your question here, I'll continue it here.
These people selling this stuff wont tell you about the bad side of it. If they did they wouldn't be able to sell it. Most of the time these guys sit up late at night trying to figure out what to do with some new chemical, or other material, that just came out of the research dept. Now that they have this, soon to be, product they have to come up with ways to market it. In this product they thought they could market it as a paint for stucco. However, this doesn't mean they know a blasted thing about whether it will work for this purpose or not......they only know that they'll be getting a raise because of all the people they have been able to conive into believing that it works.
The reason that stucco is superior to most other exterior products is because it breathes. What I mean is that when water, or moisture, gets into the stucco it has the opportunity to escape easily and quickly, before any damage occurs.
When you apply an elastomeric coating over stucco you defeat this attribute of stucco. Elastomeric coatings are a lot like rubber. They are very flexible (however it will NOT stop your stucco from cracking) and come in a lot of pretty colors. But remember.....it's just like rubber......and it seals just like rubber.
Many people use this stuff because it is a "cheap" way to fix their house. Remember this .... cheap is not always a good thing. Fix your house with this stuff now......and you'll be back fixing your house later......but paying a small fortune and cursing your decision.
If you want to change the color of your house the very best method is to re-stucco the house by a professional plasterer. You can do it yourself, but you will very quickly learn that it is not a do-it-yourselfer project.
Brian Ewing www.ornamentalplaster.com
PS....my thought about elastomeric coatings go beyong the sealing problems.
Think about UV rays. It only takes a couple few years for the UV rays from the sun to etch the face of elastomeric coatings.
I have seen where this stuff was so etched that when you rubbed it with your fingers it came off on your hand, as powder.