I can't give you a long term perspective, as I just brought mine home this week. I had it blasted and then powder coated. Both guys are awesome. The powder coat seems to really get into everywhere, so it should last. I could paint it for what they charged, but why? Get a pro to do a top notch job and never worry about it again. Shop around a bit and see what you find. I went out into a more rural area and found true craftsman who don't charge like the city guys.
Don't tick yourself off later by tring to skimp on this one. Some stuff you would be willing to re-do. Would you really want to re-do a frame later so you could save a hundred bucks?
Good luck!!