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IMO, it completely depends on the shop doing the work.
Like going to restaurants, there's no way, imo, that any one can form an opinion on whether one dish is better than another, it all depends on the cook.
Where I'm located, I've had friends and people locally on forums who've had their wheels powder-coated, and had them crack afterwards, and others who've had no problems. And I've also known people who've had their wheel painted, only to have all the paint crack off completely shortly after, and others who've had no problems.
If the powder-coater knows what they're doing; their's no harm in powder-coating.
There's a powder-coater locally who's powder-coated over 100 sets of BBS LM's with no problems. Most of their work seeing track time as well.
It's easiest to cut the middle man and hit up powder-coating/painting facilities yourself. But I would suggest visiting some tuning shops in your area and talk to them about what they've had experience in. Powder-coating/painting wheels is pretty common, and most tuning shops will have a lot of experience with some wheel shop employing one method or the other and be able to recommend you something tried and true.
So I wouldn't just write off powder-coating. If done right, powder-coating is more durable than painting. But of course, if done wrong, there could be problems.
Side note, at least where I'm located, powder-coating is usually a lot less than painting. And hence, there are people who base the fact that powder-coating is cheaper to say that painting > powder-coating.
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