As long you do careful and thorough prep work, and lay down enough coats, the end result should be quite decent. Just remember that detailed prep is crucial.

Personally, I tend to favor powdercoating because of a) the durability of the finish and b) the stronger bond established between the pigment and the metal.

Also, powdercoated wheels will stand up to the corrosive effects of brake dust, in case you're the neglectful type. h:

My 2¥