While some powder coat looks very nice, I don't like it for a road bike for a couple reasons. Any threaded holes must be masked and if you don't, running a tap into them leaves a crack for rust to start under the coating. Also if you damage the coating, it cannot be repaired. Harley has chosen powder not for the durability or appearance, but for emission reasons.
I have a frame finished in polyurethane (known as DuPont Imron or PPG Delthane) about 10 years ago that looks nice, but has rock chips on the lower tubes that cannot be repaired without stripping the frame. Also these paints require an air supplied respirator due to isocyanate content.
I think a urethane catalyzed acrylic enamel is the best compromise. Fairly tough, but can be repaired with sanding, priming, and a touch-up gun or airbrush. My buddy still uses acrylic lacquer for ease of repair. His frames always look nice.
I have repaired original paint scratches by sanding it smooth, lacquer primer, sand, and black lacquer. This can easily be sanded and rubbed to a smooth finish and blended. If there is a lot of area to repair or you have the bare frame, I recommend stripping it either with blasting or a chemical strip (local shop charges $60 to chemical strip a frame) and starting over with primer and paint. You will get a better finish and protect those hard to get to areas from future rust.
I am not a good painter, but can get by with painting a frame. I do know paint however as I have 30 years experience as a chemist with a major manufacturer of automotive paints.