DH and I were just debating this today. Last year we carved some awesome looking pumpkins (Phineas, Ferb, and Perry), but they were completely rotted by Halloween. We don't want to carve too early again this year, so we think we'll wait a little longer.
I used to like to paint the pumpkins instead of carving them. My parents used to have me go to their house and paint their pumpkins every year, then my dad would spray them with a clear lacquer so they would last. I don't have time for that anymore, so now they let the grandkids paint them. My DH really prefers to carve ours.