Yeh, painting really does take a lot of time and results can be inconsistent - just started on the side panels, legs and retaining piece for the cab. It will take a while ...
I get the blackboard vinyl from a sign makers / printers store:
http://www.mdpsupplies.co.uk/productcat.asp?parentcatname=Blackboard%20Vinyl&parentcat=50It's thicker than standard vinyl and has a very nice texture to it, almost like a grainy powder coating. Here's a close up from a control panel:

I get it off the roll and my source supplies it in 1m widths. I bought 5 continuous meters last time.
For best results, it needs to go onto a completely flat surface. For MDF, if I'm wrapping it round edges, I only prep the rough sides (generally use car body filler, sanded smooth with 180 grit sandpaper). If it's jut a surface, I will apply it directly to the surface and trim the excess.
Like any vinyl, it hates any grit or specs of dirt so the surface must be dusted thoroughly first.
Getting used to applying it can take a little practice, particularly when wrapping around edges - it needs to be pulled taut; I use my thumb to push it around the edges. This makes sure you don't get any air bubbles or 'looseness' when it's applied.
Getting a nice edge is simply a matter of turning the piece over, placing it onto a hard surface (I use scrap MDF) and using a craft knife to cut it.
Hope that helps.
Edit: that looks like the right product to me - can't find a data sheet for the vinyl I get to compare it to though.
Edit 2: I love the stuff, modded my gaming desk using this vinyl too:
