the best results I've had are by not stripping the frame entirely.
I sanded it and did a few coats of primer (sanding between each) and then a few coats of color. I used krylon camouflage paint, so there were only a few color choices (I wanted matte olive green), but it held up really well.
This is after two years of me riding it and two years as my friend's work bike (he's hard on bikes). It is in the process of being repainted for its third owner.
Not perfect, but pretty damn good for over 4 years as a daily ride (and some of that is dirt). I was impressed with this paint.