I've used spray cans for three of my planes and acheived great results with them. I just purchased an airbrush and have yet to receive it, so I can't compare the two mediums.
Like ponch mentioned earlier, I use spray cans for priming as well. Nothing beats a 10 oz can of Decrolon paint (found at all the AAFES stores in my area) for 99 cents. As far as saltydog's concerns about wasting paint, for 99 cents, the amount one does waste is meaningless. But, he is definately on the mark in the respect that airflow control is nonexistant on a spraycan.
As a suggestion, you might want to try using the generic cans of paint or Krylon instead of the Model Master lineup. The generic kind will run you about a dollar to dollar-fifty for 10 ounce cans of paint or about three dollars for the brand name, Krylon. On the other hand, at my LHS, Testors regular spray cans cost about $2.75 and Model Master cans are about $4 for only 3 ounces of paint. Flat black is flat black so it doesn't matter who you buy it from, it's going to be dark. Additionally, Krylon sells three forms of flat black, (semi, regular and ultra) so you have more choice. The only time I buy Testors spray cans is when I need an exact shade of a color that can't be bought in a larger and cheaper can. At the very least though, I really do suggest you (as well as everyone else) try the ghetto, generic cans of paint they sell at AAFES, Walmart, Home Depot, or anywhere else paint is sold.