It's kinda funny for me to see this post today as yesterday my project was bedlinering a pickup bed and new headacherack! I have done this before with a variety of products. When I worked in a body shop we used a spray-on product called "GatorLiner" or something close to that (no... no affiliation). On personal I have used DupliColor and now PlastiKote. I have seen some Herculiner and the finished product looks much like the DupliColor and PlastiKote! The little rubber chips and all! Yes the rubber chips dry to sharp edges, but it looks good as long as you get it even and is fairly durable as long as your surface is prepped properly. I get the abrasion pads (3M paint and rust stripper) for the drill. you do not need to remove all the paint, just make sure that there is no Gloss left! If you are looking for a "smoothish" finish, go spray-on. if you are looking for maximum grip and durability at low cost, roll-on. It all depends on what your final goal is. and yes, the more you put into surface prep the better your final product will be!
Oh, Almost forgot costs...
DupliColor: Apx $50/kit (gallon) avail at parts stores and sometimes WalMart
PlastiKote: Apx $50/kit (gallon) avail at WalMart and some parts store
Herculiner: Apx $90/Kit (1/2 gallon) avail at parts stores
GatorLiner (if memory serves properly) apx $40/qt spray on only avail by order only (multiple colors avail)
I have heard great things about RhinoLiner, but have no experience with it/info on it.
Hope that this helps you out!