Chatting with a friend the other day, he reccommended painting wheels over powder coating. If paint chips you can touch it in or get it blown over easily enough, and modern two pack is pretty much as hard & resilient as powder coating.
Poweder coating is not very resilient when caught by a tyre changer, and also once chipped allows water in underneath so the finish blisters or the metal corrodes.
You also tend to get a much nicer finish with paint, with more effects available, if you want really sparkly/shiny wheels.
Tends to cost a bit more than powder coating though ......
