Another product to think about is called Rust Bullet. Where POR-15 requires a 3 step process for best effect, Rust Bullet, like Picklex, is a one-step process; remove loose rust scale and paint it right on over the rust. If you apply POR-15 or Rust Bullet over clean bare steel you need to sand it with an 80 grit paper first to develop some "tooth" in the finish and also make sure that all possible grease/oils are removed for them to grab hold of - otherwise they will peel off.
Once it sets is it impervious to just about anything except DOT 3 brake fluid! I have used POR-15 and Rust Bullet and have come to the conclusion that if I need to use a rust treatment product in a cosmetic area (one that will be seen like my engine compartment) I use POR-15 because it has a smoother finish and looks great when topcoated. For under the car, in the trunk or anywhere that won't be seen I use Rust Bullet because it is simpler to apply and when topcoated with undercoating you'll never know its there. Yes, you need to wear gloves to apply it (and Rust Bullet, too) and they do stink quite a bit, but I never needed to use a respirator to apply it with a brush. Just make sure you are in a very well ventilated area. I coated my entire engine compartment with POR-15 - including the underside of the hood - with a brush out in the garage and had no problems with ventilation. I just did a section at a time (passenger inner fender - firewall - driver's inner fender and underside of hood). If you happen to get it on you you can get it right off with carb spray - just make sure to get to it before it dries or you will be wearing it for a week or so.
Bill told me about Picklex when he was donw here in Orlando a little while ago and it sounds like a great product. When I get some extra $$$ I definitely plan on giving it a try.
One other product I have mentioned here for removing rust is Evapo-Rust. Its great stuff and is reusable many times - just filter it and keep on using it. It will remove the rust - not just cover it up. Check it out on
http://www.evapo-rust.com
Paint will last only so long because air and moisture can still penetrate to the metal surface through the paint and primer. I found many places in my engine bay where the painted surface looked good only to find surface rust on the metal underneath the paint. POR-15, Rust Bullet and Picklex coat the metal and create an impenetrable seal that keeps moisture and oxygen from reaching the metal - thus completely removing any opportunity for rust to form.
For the bottom of the car my vote is for either Picklex or Rust Bullet. Speaking from experience, Rust Bullet is a great product. You can check it out at
http://www.rustbullet.com