I'm a fan of liquid coating wheels.
You don't need to remove bearings, which then often require replacement, or blast them so IMO the cost savings of PC don't exist.
Plus....and I know many of the PC advocates will disagree, the gloss level of liquid is higher than PC.
Im going to +1 on most of ducpainters points. Liquid paint is going to much higher gloss and for the most part. you just cant get that WOW gloss from powder. less orange peel, no possible defecs for cast parts since outgassing is always an issue. You can get liquid paints taht are almost as durable as PC. for certain colors you may need a clearcoat to help with durabilty for liquid, but for PC this usually not a problem as most powders are very weather resistant without any topcoats.
If your paint is chipping, I think you should strip the paint anyway if your going to liquid paint it. (im not a pro at this, but i cant inmagine it looking that nice without blasting the orignal off). At that point PC becomes a lot cheaper. Since i can hit it with a single coat of color and have it done within 2 hours.
But in the end, if your wheels are in good condition and you can just apply new paint on top, i would go liquid its a lot easier. If they are busted up and need blasting anyway, i would go PC.
What kind of blast media did your guys use to strip paint? I really like soda blasting as an option, but its much more expensive, but damn it makes the wheel SO CLEAN! Im thinking about throwing in aluminum oxide into my blast cabinet to strip paint, i hate using chemicals.