I've seen professionally refinished tubs that look brand new. The process costs less than removing and replacing existing tubs, but it's still not inexpensive. There are DIY alternatives out there that LOOK like they work, but do they?? I've rounded up a few of the more popular bathtub refinishing kits. Take a look and weigh in to the discussion. Have you DIYed a tub makeover? What product did you use? How's the finish holding up?
Armorpoxy (buy on Amazon) has a great name, plus they claim to be 'commercial' grade. The kit even comes with a sprayer. The most expensive at $99 plus shipping, it looks promising.
Bathworks makes using their DIY Bathtub Refinishing Kit look mighty tempting. (Buy from your local HomeDepot for $89)
I'm a big Rust-Oleum fan, and their Tub & Tile Refinishing Kit (buy on Amazon) does get very good reviews. The pink tub above was transformed to the one below.
Homax Brush-on Tub and Tile Epoxy Paint is a 3 step process. Buy on Amazon.