Paint can look great, although by its nature it's more finicky about underlayment (for example, good MDF can get a nice clean finish, but if you had to paint particleboard, I imagine surface prep would get a lot more tiresome).
I went with laminate (sorta) on my CP just because I had some old Pergo flooring laying around, but the big sheets of formica-style laminate I could find around here were more expensive than I wanted to pay. Of course, I then got the disadvantage of working with 1/4" laminate which turned out to be just a wee bit more than 1/4", so my T-molding isn't quiiiite going to cover the 1/2" particleboard+1/4" laminate. Can't have everything.
The way I see the choice, laminate is less finicky, more expensive, arguably more durable, and harder to repair. Paint is more finicky (for a really good finish), less expensive, less durable, but easier to repair.
I'd go with laminate if I did it again, but then I just have horrible memories of endless sanding and repainting when trying to get my Corvair looking decent...
-->Stitch