I tried this paint in my son's room and found that after two coats, the surface became very bumpy due to the magnetic shavings that make the paint magnetic. I was also not thrilled with the magnetic attraction which seemed weak. Instead, I went to a sheet metal company and had them cut a piece of sheet metal (light grey metallic) in a custom size. I had them pre-drill holes in the corners and I then screwed it to the wall. This works incredibly well and is very inexpensive ($90). I was covering a curved wall, so the flexibility of the sheet was key. If the color of the metal is a problem, it could surely be spray painted....not sure about latex paint, though.
Another great idea! Our friend recommended applying 3-4 coats of the magnetic paint, and it is not noticably bumby unless you get really close.
I have a black magnetic wall which doubles as a chalk board. It looks fab and people always comment on it. We used three coats of paint and no bumps! The magnetic attraction is good enough for photos, invitations etc but certainly not strong enough for heavy duty hanging.