One of the reasons I went with the Swift and not the Xootr painted (Swift) is mine is powdercoated. No problem with that finish so far. When I saw the Xootrs in the shop I was concerned enough to go with the powder coating even though I really liked the silver.
On CT's bike it sure looks like the bare aluminum color and not the silver it comes in. A little polishing and it could be an almost mirror finish. I'm thinking bare aluminum due to the "splotchiness" of the finish and what appear to be oil prints from possibly gripping it.