I've had my headlights painted black for years and theres no difference in light, tinting will affect light output but depends how dark the tints are as to how much obviously, and have my taillights colour coded to the white of the car which I like the look of and doesn't affect the light out put either.
Neither have deteriated in the time I've had them done.
If you're cheap you could always do the pull a black stocking tight over the lights :p
Pros of painted, don't affect light, look good (if you do a good job).
Cons, can melt the headlights if you're not careful, and very easy to crack the taillights getting them apart.
Cons of tinting, I have seen them peeling and it looks horrible.
Would be interesting to see people try some more out there colours to paint there lights