Fixing hairline cracks in stucco

My 3-coat unpainted fairly rough texture stucco is 15 years old and has a lot of hairline cracks (less than 1/16") which isn't surprising since I live in earthquake country (Northern California). In one place next to a window, enough color coat has chipped off so that I can see the crack goes into the brown coat.
Since I'm worried about water penetration (a neighbor has measured gusts of 87mph and rain sometimes seems to be horizontal), I'd like to repair the cracks. After talking with a number of people and doing web research, I ended up with lots of information but no consensus on how to do the repair.
I've summarized my findings below and would appreciate comments regarding pros and cons that are based on actual experience. Thanks in advance.
There seems to be two general categories of repair, cement/stucco based and paint based, each with several variations. References are marked with a number in brackets, e.g. [1] and are given at the bottom.
Remember the below is only for hairline cracks.
1. Cement/stucco based repair
Advantage: Still have low maintenance stucco finish Disadvantage: Repaired cracks will almost certainly be visible Options 1.1 and 1.2 are similar but slightly different.
1.1 Mix portland cement or stucco with half-and-half acrylic modifier and water. Apply with putty knife. Work to match texture. Apply fog (color/finish) coat afterwards. No need to widen cracks. [1]
1.2 Apply a acrylic multi-bond (green from one vendor), let set 34 to 45 minutes, apply a one-coat stucco matching texture, apply fog coat after a couple of days. [2]
1.3 A variation of 1.1 and 1.2 is to apply a new fog coat to all the stucco, not just around the cracks. This "should" make the cracks more invisible than any other method. I'm not sure how well this will work over my rough texture. Seems like this might also be a relatively high cost option. (Can't recall where I heard of this alternative.)
1.4 One stucco person who covered a small addition for me a few years ago, upon seeing I had some old color coat mix (left over in a bag) and a stained area of stucco, suggested I could take the stucco mix, add water, strain, and spray the "colored water" onto the stucco. I wonder if this would work to make the color uniform after 1.1 or 1.2? Also this sounds expensive (and a waste) to buy new stucco mix to do this to the whole house.
2. Paint based repair
Advantage: Finished job will be uniform color, possibly hiding cracks Disadvantage: Now have a painted surface to maintain/repaint.
Common: Fill cracks with Elastomeric Sealant (brush grade) or perhaps latex caulking. Still need to match texture, given recommended 2" width for sealant, so patched cracks might still show through new paint coat.
2.1 Paint with Elastomeric Paint [3] Advantage: Some stretch to keep very small new cracks from showing. Disadvantages: Costs more than regular paint per gallon and much lower coverage. Reports it is harder to apply than acrylic latex paint. Reports that it creates a vapor barrier which can cause problems if moisture gets trapped behind. Notes: Manufacturers have different recommendations for number of coats. Need to monitor application thickness.
2.2 Paint with Acrylic Latex [4] Advantage: Less expensive, easier to apply. Does not create vapor barrier Disadvantages: May not have stretch to cover new cracks.
[1] John J. Bucholtz, "The Consumer's Stucco Handbook" (30 page pamphlet) [2] advice from Stucco Supply store [3] "Kel-Seal Elastomeric System, a Technical Guide to Elastomeric Applications" (9 page pamphlet picked up at paint store) [4] Suggestion from paint store and several news group web postings
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http://www.quikrete.com/catalog/StuccoRepair.html
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I'm no expert but here are a couple observations I've had. Stucco cracks. Period. It is in fact not a real good outside material due to it's low permeability but it's used extensively in the West (it's on my house). I've no experience with just painting it but it seems to me that would decrease your permeability even further and increase the risk of moisture damage in the home. I could be wrong on this point, perhaps there are breathable paints out there but not sure how they'd do sealing cracks. For cracks around here, I see most people opt for filling them in with mortar and then color coating them. If you can get a good color match, they usually don't look too bad when dry but after a rain, you can definitely see them. The other option would be to color coat the entire house (expensive!). I'll be watching this thread with interest to see what the experts have to say. Cheers, cc

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I have had good luck with mixing fine sand, latex house paint (stucco color) and cementitious patching compound. May not be orthodox but it blends in very well, even after several years. Used my thumb to press it into hairline cracks. If the patching compound contains sand, omit the other sand. The cracks disappeared. Cheap!
I found that, if I used smooth caulking compound, the texture was unlike stucco and it showed clearly as a patch after a year.
In my experience, practically everybody in California paints their stucco house. The paint usually lasts about years. It is cheaper and lasts longer than cementitious remedies. Purists will swear by a cement based treatment. Painting your house also allows you to change the color of your house.
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Thanks for the replies and comments to date.
As of now, I'm leaning towards patching the cracks (exact method TBD, but probably 1.2 or maybe the quikrete mentioned in one reply) and then applying a fog coat. A fog coat is stucco without sand and can be sprayed on; I'll bet a special sprayer is required. I'm sure it can also be rolled on.
Today I ran across a web page for a company that specializes in fog coating. I don't know anything about them and they are at the other end of California from where I live but they do have a nice web page that explains (and of course strongly pushes) fog coating. There is even a nice video that shows their process. http://www.fogcoat.com /
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