In my opinion it all depends on the finish you want, but I agree with Epyx on this one.
I would disagree only in that laminating is *much* quicker than a great paint job.
Total time spent painting, sanding, buffing, fixing mistakes, curing and finishing - roughly, 3 weeks total. Start to finish. Mainly because I was inexperienced worked trial and error. A pro, maybe a week.
I think Epyx laminated his cab, minus the back

in like a day or so if that.
I spent well over $200.00 to get the mirror reflective finish on my cab. It was all done by spray paint cans. Now grant it, it was time consuming, and inefficient but the finish was awesome. Guess what though, while moving it upstairs it scraped against my tablesaw and left 2 huge gashes in my $200 paint job. I just filled the gashes in with perm marker, out of insanity....
You could get you some rollers and do it, but you will have more of a hammered orange peel look, for some that's acceptable.
The one huge pro of laminate is DURABILITY, had i laminated I wouldn't have any scratches on the cab. Only thing you have to check if you use laminate is your MDF thickness, if you used 3/4 then your t-molding won't be flush with the laminate. You sides would have to be 5/8 for the laminate to be flush with your t-molding.
So cost-wise, I would say can of primer, can of semi-gloss and a foam roller and knock it out. $20.00 at the most. If you want it smooth, spray on a few coats of clear enamel, let it cure for a few days, buff it with mild abrasive compound, then some swirl remover and a good wax....not a mirror finish but super smooth.
Get your coin door off ebay, I got a happs over/under door w/ mech and coin box for $25.00. You can catch arcade vendors ripping machines apart and selling the pieces. Most of the time no one else bids on this stuff so you can get it for little of nothing.