I have had several frames powder coated including a couple over 10 years ago which I still have. It can as you say corrode and bubble up where it gets damaged or bolts have tightened against it. The benefit I find is in being able to take a whole pile of parts including the frame and swinging arm, get them blasted and coated at the same place for about £150-200 the lot.
One of my frames I might get blasted and respray next time, but it would be another 10 years before I could do a like for like comparison!
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