Most people are using latex paint these days, but oil-based paint does still have its place. I just learned a few things about oil-based paint and I might go that route next time.  Here are the pros and cons of oil vs latex paint:

First some of the Pro’s of Latex Paint

1.Dries faster

2.No strong smell

3.Clean up is much easier

4.Softer finish

Con’s of Latex Paint

1.Can be hard to get a really smooth finish

2.Sometimes doesn’t stick as well to certain surfaces

Pro’s of Oil-Based Paint

1.Smoother finish

2.Harder Finish

3.Sticks better to many surfaces

Con’s of Latex Paint

1.It smells stronger and the smell lingers

2.Takes longer to dry

So, it really depends on you and what you want to use.  Latex cleanup is really easy, because it washes right off of a lot of surfaces.  But, the flip side of that is that it also doesn’t stick as well to many surfaces. I do really like the harder (almost enamel-type) finish that you get with oil based paint.  I have had experience with latex even a month or so after using it that I could still dig a fingernail into it pretty easy.  Oil-based paint is much stronger.  Hope this helps when you are deciding which paint to use for your DIY project:)