Eliot,
As Frank and others have said - many different ways all produce great results.
I shot this photo for an OGR article a while back using diluted acrylic paint with no wiping needed. No fancy mixing formula - just a brushful of paint and some water on the palette. Talk about a lucky shot though - it isn't always as easy as the photo made it look!!!
Best results happen when you start with either a primed surface or one that has been given a spray of Testor's Dullcote. Also, as Mike said, it doesn't always happen with one application.
The advantage of acrylics is that you can adjust the colors for the effect you want. For example, I prefer an antique white for a warmer tone, or a light gray for some variety.
Jim