A perfectly painted car will not rust. Unfortunately, paint ages, cracks, chips, peels, and otherwise gets easily breached for a variety of reasons. Once paint starts peeling it's no better than what Mickey described - a layer of material that traps corrodants. Plus it's hard to paint the surfaces of crevices, where rust typically starts.
It's not the flat panels that need rust protection, but all the welds, crevices, and overlapping joints and seams where the electrolytic action that forms the onset of corrosion takes foothold needs the most protection.
I just don't see painting as the answer to protecting metal. A wet, greasy application of rustproofing material that can flow into crevices (and even scaly rust), remain wet, and exclude the environment is the answer. Rustproofing material would be considerably more resistant to chipping than paint - in fact, it doesn't chip at all.
It's just so much simpler and easier to apply a good quality rustproofing material than paint and all the prep work that goes with it.