Power Coating involves coating the frame with a powdered pigment particles with a special
gun and then baking the frame in a oven to melt and set the powder.
I had an older steel frame coated a few years ago and it really is pretty awesome. there are Pros and Cons. some are as follows:
Powder Coating - Pros:
Cheaper then Wet Paint Typically
More Durable then wet paint. I mean you can hit the stuff with a hammer and it still looks decent.
Easier to find a decent powder coater then it imight be to find a painter who wants to do a bike frame.
Powder Coating - Cons:
Powder coating has gotten much better in the past few years so some of these are not as applicable. it also depends on the exprience and technique of the applicator.
Powder thickness is sometimes thicker then wet paint and it will hide the "details" crisp lugwork, nice welds etc.
Not sure if decals can go under the clear or not becuase of the oven bake procedure
May find a limited color options, pearls coats etc.
Difficult to strip the powder of the frame if you want to change the color
Powder can hide rust inside tubes until it is way to way to late!