Pros for powdercoat: Very durable finish, cheap and easy to have done, looks good, plenty of choice in color and texture.

Cons: Weighs more than paint.

One other issue my mechanic brought up is when assembling the bike after paint or powdercoat there is always left over color in areas it should not be. Bottom bracket, headset, etc. The paint is easier to scrape off.

I considered stripping down my MTB and having it powdercoated a different color, my mechanic was not real excited about the re-assembly process.

Powdercoat is going to be more durable than spray.

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There are also some good "spray and bake" paints out there. I have used some for firearm finishing on AL surfaces, very durable. With some of them you can really just let it bake inside a dark colored box on a hot day, or very low speed heatgun after application.

Powder coat is more durable than paint, BUT! it still needs a primer coat under for it to truly protect from rust. You've mentioned single-coat powder, which will basically just allow the rust to spread under the powder. It'll look great... until it starts to flake off in large chunks exposing rusted steel underneath. Make sure your powder coater will do the primer undercoat. If not, then find another one.

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The previous posts have done a good job listing some fact.

Powder coating is more durable than wet paint, but with wet paint you have more options. If you're going with a single color, that's a moot point.

A couple questions:

1. Is there any chrome on the bike? If so, you need to have someone who works with the chemicals to remove the chrome/nickel.
   
2. Lugs or welds? If it's welded and they used minor body filler to smooth them out, when the frame is blasted, it will be removed too. Then, if they don't redo the work and paint, it will look rough.
   

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Crappy powedercoating technique will do that... A friend of mine powdercoats as a side biz and does A LOT of bikes. Both bicycle and motorbikes. Never heard an issue. I had a brand spankin' new Surly Straggler done by him and reassembly was not an issue. as long as you do your prep-work right, this is not a problem.

I had a frame powder coated recently. I chose PC over paint simply out of not having anyone local to paint that I trusted. That has since changed so Im not sure I would go PC again unless the cost of a frame was crazy expensive.

Heres my frame, color shifts from pink-purple-almost blue depending on light and angle.

Why would you not got powdercoat bless the bike was expensive?