Jixr: your concern about durability is understandable. But if you are going to paint it yourself... make sure you finish with a clear-coat. I would say 2 coats minimum.
If you decide to go the powder-coat way then you will not have to worry about chipping as the paint is baked onto the frame.
But if you are going to spray yourself, you need to finish the job with a clear-coat.
I'm getting ready to paint a frame I'm working on now. Just ordered my paint, and will start on stripping the frame in about a week. However I'm using automotive paint from House Of Kolor. The process involves mixing paint with hardeners, which makes the paint harder than spray can paint. A bunch of other factors go into this type of job, and it's much more expensive. But the bottom line: you spray it, you clear-coat it.
A good coat of car wax every now and then will also help keep your paint job looking great and give it a little extra protection.