I'm actually nearly finished repainting one now. Sanding = horrible. Paint stripper is annoying, but much easier, as Six jours said. It's really not that hard to sand and repaint, despite what most people tend to say. It takes about 2 weeks, working slow. 3 days stripping, 11 days painting (with paint that has 24 hour re-coat time). That's about as long as it would take to send it off to get a powder coat.
If your curious, I'm using Rustoleum enamel paint in a can, applying it with a brush. Yes, you can see some brush marks, but if you don't want any, just use a mini roller. I myself prefer the brushed look. I did 2 coats of primer, 4 coats of color, and probably 3 coats of clear. I'm on the 3rd color at the moment, and it looks great. All the supplies, 3 cans of paint, 1 can of spray clear enamel, tarp, brushes, rollers, cost me $60.