I bought a house with hideous countertops five years ago. I am finally finacially able to replace my entire kitchen, but 5 years ago when I bought the house, I just could not live with those countertops even on a temporary basis since I did not know how long it would take until I would be able to afford a new kitchen. I bought a paint designed exclusively for the purpose of painting old Formica and laminates. It is called Quick Solution Kitchen and Bath Melamine Enamel. I wouldn't say it is as good as applying new formica, but it held up very well for the five years since I applied it. I roughed up the old formica with a little sand paper and then applied the paint with a roller. The paint came in several colors... I used grey as a base coat and my wife sponge painted white and lighter grey (obviously made by mixing some of the white and gray paint together) over the darker grey base coat. This stuff has not chipped or peeled, the only drawback to it, is that it does get stained (from coffee,koolaid,etc) but a little diluted bleach and water takes care of it! I was extremely happy with this product and would recomend it highly. One note however; the white paint does have a tendancy to yellow a bit over time.