I've only ever used it to represent rivets on scratchbuilt vehicles, so I can't answer the question directly. I was looking for a nice round bump, not trying to see how small it could get. I can tell you that after priming, it takes paint like a champ and is robust enough to survive heavy use. Here's a shot:

Come to think of it, I painted that tank, then added the rivets using black puffy paint, and then added the dash of silver paint to the rivets on the treads. After a spray varnish, it looked fine and held up in regular play.