I used latex paint and the results are quite good (not to say that it couldn't be improved by the suggestions by Oscar and Peale). A couple of things that I experience:
Definitely use a foam roller. I ended up using the little 4" foam roller, which was more than big enough for the small surface area. Plus, the smaller roller allows you to get around the odd shape of the cabinet a bit better.
Of course, make sure to prime, sand, paint, sand, etc. Some people swear by two primer coats... I didn't go quite that far.
For sanding, I used a palm sander. This helps a ton. It's a lot easier than sanding manually with a block, and the results are smoother and more even. After the primer, I used 120 grit. I moved up to 220 after the first two coats of paint and finally to 320 before the final coat.
It'll take a couple of coats to get an even finish. Don't get discouraged if the paint job doesn't look "production ready" after the first coat And, don't try to put the paint on extra thick. Just put on a nice even coat and let it dry. Sand and repeat. And, take your time to sand at any 90 degree corners (you may need to go to the block to do this properly... you'll be happy you did).
Also, don't put too much pressure on the roller or it will squeeze paint out to the edges (Peale mentioned this as well). Three or four coats of paint applied in this way will come out looking very sharp and very smooth.