Those specs are one of two things (impossible to tell from that photo): holes where rust left an indent, or bubbles from the paint. Could be crap falling from the air and landing on the wet paint too, you've got to shield your work from that.
Your technique could use some work too. You've just gone and randomly sprayed all over. You need to start at one end, spray end-to-end, raise up a bit, and repeat until you get to the top. Make sure you overspray just a bit on each end so your spray starts BEFORE it hits the piece.
http://www.paintcenter.org/rj/oct03f.cfmAnd do several LIGHT coats, not one large heavy one.
You can probably save what you've got there, but it'll take a little work. Get some fine sandpaper (wet/dry stuff, preferably) something around 400 grit, and start lightly going over the surface to even it out. Wipe it down, look again. If you start seeing deeper gouges in the paint, use another surface of the sandpaper, it's getting clogged.