So it's feel and appearance are very "rustic", but you can sand it lightly (light swiping with 240 and then 800) and get a super fine finish on it; it ends up looking like very highly polished colored plaster. It doesn't look anything like paint. Some people complain it looks powdery or chalky but I think they applied the product incorrectly. With two coats it has a very mottled look, with four+ it's quite even with some slight color variation, which I like. It does take a while to apply; I've been painting in "X" strokes and rewetting/reactivaing it continuously while I paint, sort of like "polishing it with the brush".
This is on the walls I just had rehabbed by a plasterer, he used lime and then gauged lime (with gypsum added) for the final finish. I was worried about that too but it's worked out fine. I will say though, I think the expense was well worth it, and I'd never in a million years consider putting paint on those walls now that I know how nice limewash can look. I've tried some sealers on a few test spots and it looks even better.
Pictures forthcoming ...
