Latex Paint

First commercially available in the 1950s, latex paints is an emulsion composed of pigment particles suspended in a liquid acrylic.  After a somewhat rocky start, latex paint is now far more widely used for residential applications than oil-based paints.  The term "latex paint" is, today, a misnomer.  Although they used to to be manufactured with a latex rubber base, today most of them are actually chemical (usually acrylic or vinyl) or water-based. 

Advantages of latex paints

• Quick drying; a second coat can be applied within an hour.
  
• New opacity; can completely wash out the previous color.
  
• Clean-up can be performed with water rather than chemicals
  
• Nontoxic; less odorous than oil paints.
  
• Nonflammable.
  
• Less likely to crack and peel.
  
• More environmentally friendly; safe to be poured down drains.
  

Disadvantages of latex paints

• Causes bare steel to rust; raises grain on raw wood
  
• Sensitive to heat and cold.
  
• Shinks; can cause stress surface on the wall.
  
• Faster drying time makes it necessary to clean spills and mistakes as soon as possible.
  
• Water-solubility means a sudden rainstorm can ruin a day's work.

Oil Paint

Though the market data would seem to favor latex paints, many painters and homeowners still prefer oil-based paints for its strength, smooth finish, and classical charm.  Oil paints use petroleleum-based synthetic resins as a binding agent, and organic solvents with mineral spirits.

Advantages of oil-based paints:

• Superior durability; resists stains, abrasions, mildew, etc.
• More temperature-resistant than acrylic paints; less susceptible to shrinkage.
• Superior adhesion; especially to metal and steel.
• Better flow and leveling.
• Tends to dry to a smoother finish.
• Glossier; reflects more light.

Disadvantages

• Takes about 24 hours to dry.
• Must be disposed of as a hazardous material.
• More expensive than latex paint.
• Cleanup requires volatile chemicals.
• Has a powerful and lasting odor.