The usual argument against it is for a radiant barrier to work you need an air gap to prevent conduction. One of the biggest critic's report showed "For an exterior, light green surface, summer heat gain may be reduced by a maximum of approximately 20% when fully exposed to the sun."
http://www.energyideas.org/documents...R/Insuladd.pdf
Light green happens to be the color my house will be painted, and 20% reduction for me is worth $50.