Note- kilz is available in both latex & oil based form.
Regardless though, it goes on quite thick, and it's easy to over-do it. You have to keep that can in your hand moving, and not be overly anxious to do it all at once.
I sand the snot out of it, with 220 followed by 400, the result is an ultra smooth finish, and I don't have to use a lot of fillers. When sanding KILZ it's kinda like talcum powder falling off.
I've never had any problems with the product cracking, peeling, chipping. I've used topcoats of old Krylon, new Krylon, Rustoleum, and cheap store brand paints. No adverse reactions.
Is KILZ the best primer out there? I doubt it.
Is KILZ a good primer? I think so, i've had great results.
Final comment: It's not the only primer in my inventory. I see KILZ as a good product, but not the only product or best product. There is no "one product does all".