Roeshel of DIY Create & Share painted the faucets in a guest bathroom makeover 4 years ago.  After checking to see how they held up, she found there was only some minor chipping.  She touched up the chips with paint and sealed the touch ups.  The faucets look good!

This is an example of a strategy to refresh the look of bathroom faucets without spending a lot of money.  Roeschel also includes a link to a tutorial on how to paint faucets.

How do Painted Faucets Hold Up?