Well I've yet to test the long-term durability of my arcade covering, but I used a Matt Black finish Fablon. Fablon (or any other type of sticky-back plastic) works well as it is much cheaper than lexan/formica, is flexible enough to be styled exactly as wanted, and the high-grade Fablon hides minor imperfections and has no texture of it's own. I covered all of my cabinet in Fablon, which is available in rolls wide enough to be applied without 'piecing' sections together. What I also found was that because it is relatively thin, it can be curled over the edges and under the T-moulding,leaving a better finish around the edges thatn lexan, which over time could lift and peel.
Give it a go if you are on a budget. My cabinet was covered with 4 rolls of the stuff, for a cost of about