I've used the Humbrol Liquid Mask - usually on a/c canopies, there's nothing wrong with the liquid mask - it seems to work quite effectively, but I've found it easier and quicker to use Bare Metal Foil on canopies (apologies to Humbrol for saying that).
You just paint it onto the areas you don't want to paint, let it dry (usually 10-20 minutes) and spray away. When the paint is dry, use a toothpick to peel up a corner of the liquid mask, and pull it off.
I've done lots of 1/144 airliner wheels with the liquid mask - it's easy - just squirt the wheels silver or white as needed, let dry, paint the mask onto the hubs, then spray the tires black, and then pull the mask off the hub. Easy.
Cheers
LeeTree