I think it looks great but i've heard from other people that this is not a small task and its pretty hard to make sure the headlight re-seals completly after its been painted so it doesnt leak and get condensation...
Also, i think the red example looks much better with the entire underbody of the lense being painted, whereas on the type-r example only a portion of it is color matched.
This is something i will defininatly consider for my own little project. I think it makes the front end flow together much nicer.