For steel frames:
Powdercoat is the more durable.
Stove enameling or wet paint give the better finish.
As with anything it depends who's doing it, I've had crap powdercoting (cost £20, their normal work seemd to be fencing) jobs and ones so good youd strugle to tell it wasn't a wet paint (their normal work looked more like smaller/higher value items and it cost me £50 even after I did the bulk of the stripping myself, they did mask every single thread/hole though).
Aluminium Frames:
Jury is out whether its good or bad to powdercoat, some coaters blast with too agressive a media so the frame is weakend or even looks like swiss cheese. Other people say it is too hot and can weaken the metal, but then again plenty of manufacturers use it.
Carbon:
Wet paint in a low bake oven only.