Powder coating is better than paint for a durable, chip proof finish. Unfortunately, it's nearly impossible to do two-tone finishes with powder coating. In powder coating the metal is given an electric charge while a powdered resin is sprayed on the metal. The metal is then baked in a kiln to melt the powdered resin, and bond it to the metal. There is no way to effectively mask between colors and get a clean sharp line. I have heard of people doing a combination paint and powder. On a Phantom, you would have to powder coat the frame in black, use red paint for the fork head, and then pin-stripe the lines in white.
Unfortunately too, most of your off the shelf spray paint isn't worth your time. (thank the EPA) Custom mixed high quality paint is available, but it's expensive.
JWM