1/ Lighting conditions
It is very important to paint your model in similar light conditions to when it will be on display. Also, if you have to paint multiple parts the same colour make sure the light is consistent. The reason for this is light affects the colour of the model more that you might realise.
Below are some pictures of the same model, taken in different light conditions.



As you can see, it doesn't look like the same model. Imagine painting different parts of this bike in these 3 light conditions - it would be difficult to be sure of a consistent finish, especially if you have had to mix paint to get a specific colour. Light is often overlooked as important when painting a model.
2/ Preparation & Painting
I am going to assemble a fuel tank from a model bike so you can see how I ensure a good quality finish. First thing to do is to assemble the parts, making sure there are no rough edges and you have a good fit.

If you have any gaps or areas that need filling use a good quality model filler. I use Humbrol Model Filler, but there are loads of makes of filler to use. There is a slight seam down the centre of this tank, however this can be sorted by sanding and then applying surface primer. If there were any gaps I would have to use filler, but the seam is slightly raised and can be sanded flat. I used P320 abrasive paper and lightly sanded the seamed area. The tank was then thoroughly washed and dried to remove any dust.

Before painting the top coat, you must ensure you have good base coat and that the parts are clean and dust free. I use the Tamiya surface primer below for getting a good base coat. Make sure that the original colour is totally covered with the base coat.

Once this was dry, I sanded it smooth with P1200 abrasive paper to remove any slightly rough areas before applying the top coat. The idea here isn't to sand off the primer, all you are aiming to do is smooth out any rough areas, so don't apply much pressure to the sand paper. Here is the tank sanded smooth ready for the top coat. It's difficult to see in the picture, but the tank is smooth with no seam in the middle. The more time & care you take preparing parts for painting, the better the end result will be.

I will be spraying this fuel tank a fluorescent red colour using Tamiya spray paint. When applying the top coat, do so in light coats, I usually leave 15-20 mins between coats to avoid over spraying and getting paint runs. Keep applying the paint until you are happy that the area you are doing is covered evenly then leave to dry.
Here is the tank painted.

I would now normally apply any decals, but as this is only a painting article I won't be. The next thing I would do after applying decals, would be to use a fine rubbing compound to remove any slight rough areas and give a great gloss finish.

Thats it. By following these simple guidelines you should always be confident in producing a great paint finish. The same basic rules apply to anything you are painting, from large body panels down to smaller parts such as suspension components, seats, cockpits, wheels etc. Just make sure the surface is free of gaps & blemishes, is smooth, clean & dust free, and take care not to use the paint too heavily.
Note/ Although I now mainly spray paint all my models, the bike at the top of this page (Marlboro Yamaha), was painted using a brush and it looks just as good as this one which has been sprayed. When using brushes to paint (especially large areas), it is important to thin the paint. This will eliminate brush strokes and give a much nicer finish. I normally go for a 4:1 ratio of paint to thinners, but it is pretty much trial & error and this is one area you might need to practice. Also try to brush in the same direction where possible and avoid dabbing at your work, this will look terrible.
Finally, brush painting tends to use more paint than spray painting and will need more time to dry between coats. I used to brush paint everything when I first started making models, mainly because spray paint can work out expensive, but if you take your time you can still get great results. I would still recommend getting a spray surface primer - this really makes all the difference.
3/ Finishing touches & detailing
Another area that is often overlooked, mainly with model cars & bikes, is the tyres. The tyres on model bikes always have a seam running down the centre, which looks wrong and obviously isn't on a real tyre.

To fix this, I sand the middle of the tyre with P320 paper until the seam has gone. Thoroughly wash the tyre after sanding as there will be alot of rubber shavings left on the tyre.

Finally, for that 'just finished racing' look, I sanded the edges of the tyre with very coarse P60 paper to give the impression of a worn race tyre.

Make sure you do this before applying any decals to the tyre. This simple technique makes a massive difference to the realism of any model and you can't really go wrong.