If you paint it the right colour and are careful to avoid brush/roller/pad marks, then it's arguably better.
However I'm sure there are many fine DIY efforts made from blackout material too.
One slight issue may be the colour of the material - the white (at least from what I've seen) isn't brilliant white, and if you can find grey, it'll be pot luck if it's neutral grey and the right shade!
Having said that though the fact that the shades are not quite right may be all but irrelevant in normal use anyway, for all but the most discerning viewer!
I've seen someone projecting onto a pale beige wall before, and while it was noticable at first, you kinda got sort of used to it after a short while (and a few tweaks of course

) - not sure I'd actually recommend this to anyone though!