Flip paint is quite expensive but really effective. On this Mazda MX5 the flip paint works well because of the body contours which accentuate the flip effect. On cars with flatter panels each panel would appear a different colour and you lose the effect.
Choose your paint colours carefully as they will look quite different when overlayed on each other. A good contrast effect usually works best but if you chose black and white you would just end up with a horrible dull grey effect.
The paint is a special type of paint with a semi clear top coat that has a polarising effect allowing the base colour to shine through.