I put epoxy flooring on my garage floor. It seems a bit thicker than normal paint but its still going to show cracks or imperfections if you don't fill them. I used this:

http://www.rustoleum.com/CBGProduct.asp?pid=14

I love it as a garage floor. It cleans up stains nicely, but not sure how it would be as a basement floor.

hey, i'm interested in the same thing--doing epoxy paint in the basement. my friend in phoenix has it in her garage and it looks great. i'm in the midwest and my only concern whether the basement will be too cold if we have a painted concrete floor vs. wall-to-wall carpet. where are you in your plans?

Here is a link that might be useful: the fixer upper house