Paraphrased, this is what it said.
Pros- It is VERY durable as opposed to paint. The motorcycle guys have their lower fork tubes pc'd for this reason.Generally, it is applied in thicker coats than paint which can help imperfections in the base metal.
Cons- The big one is color. It is a lot harder to obtain the same kind of shine with pc than with paint. This is because of the fairly large particle size of pc. The best finish is achieved with a thick coat, which might not be suitable for components that have to fit together snugly, or have to flex ever so slightly. If you use a thinner coat, it tends to have the orange-peel finish. To get the smoothest finish, the person must watch the process very carefully, and even then it most likely won't be as shiny as paint is. Obviously, you also have the heat issue which is in the neighborhood of 400 degrees. (So I guess that means I'll have to wait for my powder coated PCM lol)
If your doing suspension parts or stuff like that, I would say go ahead. But if your doing your hood or other body work, I would say no way.
I know, as soon as I figured that out I said dammit, fukin Kyle was right.