I bought an Eastwood powder coat gun and have been playing with it, and I must say that the results thus far are pretty amazing. If you do this yourself, be prepared to play a bunch before you do the "real" part. If you send it out, it's a very cost effective solution. I'm baking the finish in a $20 Zellers toaster oven, so the limitation is part size. The downside thus far, is this stuff is MESSY.
The literature suggests that the coating is roughly 10 times tougher than "rattle cans". On my test pieces I took a screwdriver to the finish, and while I didn't do the chainsaw attack on it, I did only manage to gouge it, and did not get all the way through the coating without really trying. Spray on paint would not have withstood the first attack, let alone the "ok, get mad at it" approach.
The Eastwood docs (and the bottles of powder) clearly state that they have UV protection. How much and how well, only some outside testing will reveal.
Thus far, I'm quite impressed with it as a coating medium.