If you use primer, it can also work as a second color of paint! (or third) For my case, I decided to go with a Red/Black combination, and as I thought about what sort of design I wanted, I ended up using the grey primer as a stripe. Looks very cool. The biggest problem I had in doing this though, was having a "ridge" between different colors of paint. I'ts not too noticeable however, and you can hardly even feel it.
My method was similiar to everyone elses. Sand to remove the "texture", primer, 3 layers of paint and then clear coat (3-4 layers). Took 4 days in total, leaving 1 hour between each coat, and 1 day between each new layer. Day 1 primer, Day 2 Red, Day 3 Black, Day 4 Primer. (always do the lighter color first, you can't paint the black stuff red as easy as the red stuff balck, if you make a mistake"
A little sanding in between! I was worried at first that sanding once with high grit sandpaper before clearcoat would mess it up, I only did it on one side to see, but it turned up being a nicer finish than the other side, so I recommend to do one light sanding with high grit (600+) sandpaper before clear coat, but not between clear coats!!
I would post pics, but the disk with my good ones is dead, so I'll have to take some new ones.