I've messed around with this stuff a bit... it doesn't really eliminate painting thou, you still have to use a base coat the color you want and then clear coat but it is some pretty cool stuff.
it comes as a sheet of plastic that you float on top of the water, then it turns to oil when sprayed with activator... then ya just push whatever you want that pattern on thru it into the tank.
a few things i've learned...
1. you gotta keep the water and the part very clean.
2. timing is everything (how long you let it soak before spraying & how long you wait after spraying) theres a bit of a learning curve for what works best
3. water temperature will effect both of the times above.. i shoot for 85-90deg let the film soak for about 1 minute, spray with the activator and watch, you will see the film begin to expand and turn to what looks like oil floating on the water (about 30 seconds or so, depending on how much activator you use... a little goes a long way.
4. after dipping wait about a minute before rinsing it off well under running water
5. let it sit for 24hrs before spraying the clear coat
here's a few tanks i've done.