Orange peel in powder coat is caused by the same things as with regular paint...improper prep of the part, improper application of the powder (or paint) or poor quality of the powder (or paint).
The part needs to be absolutely clean, than blasted, then treated (either with a cleaning agent or a prep coating such as iron phosphate) and then properly coated and cured.
If the part is not clean, powder behaves just like paint, it won't stick as well to the dirty areas. That can cause orange peel.
Properly coating it means evenly covering the part with the right thickness of powder. Uneven coating can cause orange peel. Two thin creates bare spots, too thick could cause orange peel but usually creates other problems.
When curing the part you need to heat the part gradually to melt the powder, give it enough time to flow out and get smooth, than cure it at the right time and temperature (of the part, not of the oven). Heating it too quickly and/or not giving it enough time to flow out could cause orange peel. Curing for too short a time means the powder will not be durable, too long and it usually hazes over (for a gloss powder) or causes the color to darken.
Phew, after writing all that it's a miracle any part comes out right. It takes time and skill to get a perfectly coated part, but it's easier than painting. I can get pretty good results on powder coated parts, I can't paint for s**t.
And I would say at this point there isn't a color/texture that can't be duplicated with powder coating. There are some amazing powder coaters out there. And if you really want to see something awesome, google dye sublimation powder coating. Basically its any image - flames, camouflage, a mural or a nature scene embedded into powder coating through the use of pressure/heat. It's way expensive right now, but it will come down in price once they realize the market. Might be the death of painting, since it is much more environmentally friendly. Found a decent link...
http://www.podcollc.com/dye-sublimation.htmlSorry for taking this sort of off topic...
Matt