OK, if you paint it, be warned, if you want to remove it some time later, it will be much harder as the paint inhibits the action of that spray used to dissolve the stuff...
And if you remove it, be prepared to find all kinds of hassle with the ceiling that is left, as popcorn was used to disguise wavy ceilings, cracks, etc. Which means you will need to bring in a new texturing approach, especially if the ceiling is plaster (if it's dry wall, you can re-drywall but the waviness could be a result of framing issues,
It is possible to spray over popcorn ceilings and this is done especially if it has gone patchy because, when trying to dislodge spider webs, etc. bits do fall off... But it doesn't really disguise the popcorn and it WILL fall of sooner or later like the old one did.
And of course there is the asbestos issue, a whole other can of worms as you well know!
Here's a good article on the way to remove the ceiling texture... which seems to be the long-term way to go.
http://www.plaster-wall-ceiling-solutions.com/popcorn-ceilings.html
On this forum, poster #5 skim coated over popcorn:
http://www.diychatroom.com/f15/how-smooth-out-textured-ceiling-31714/
I would only try this, through, if the popcorn itself wasn't coming off in little showers when touched (in other words, only if the texture already there is the hard, plaster texture used in the 70's and before, not the "Styrofoam" stuff you find in more recent years because what could happen would be that eventually, the falling popcorn would take down your skim coat). It would allow you to smooth out the popcorniness of it all...
Oh, and Armstrong makes materials that you can use to COVER popcorn ceilings.
http://www.armstrong.com/resclgam/na/ceilings/en/us/popcorn-ceilings.html
Somewhat analogous to putting up new dry wall over old walls with, seriously marred plaster, impossible-to-remove wallpaper, etc.! http://www.doityourself.com/stry/hangingdrywall