The problem with painting hubs, or any other aluminum part, is not so much with the top-coat paint you use; that could be pretty much any kind of paint that is compatible with the substrate. Nope, the problem with painting aluminum is finding a primer that will bond to the metal in the first place. Take a look at any aluminum part that has been painted and now has chips in it. Notice that the chips go all the way to bare metal, they are almost never just chips in the top-coat paint that let the underlying primer show through. So when you get a chip its actually the primer that is chipping off of the metal, not the pretty colored paint on top chipping off of the primer's surface - the paint sticks to the primer but the primer doesn't stick to the metal.
That is why you use an "etch" primer on aluminum before going to your finish paint. Unfortunately sometimes the chemicals (acid) that are used in "etch" primers don't react well with top coats and that is why you don't use the crap on everything, just where you really need it.
Powdercoating isn't even in the same ballpark as painting. It will stick and it is strong and hard. It is at its best when used on parts that are both in places where they are likely to be hit by stones, sand, and road-trash and at the same time are hard to clean once they get dirty. Wheels and frame rails are prime candidates for powercoating. However as good as powders have become and as good as some powercoaters are the stuff simply can not compete with paint when quality of finish is concerned and the ability of the material to withstand a bike's daily hazards (dropped wrenches from clumsy mechanics and dropped bikes from stupid owners) is of secondary importance. Powercoating is stronger, paint is prettier.
Anyway, if you plan to paint your hubs make sure you get them chemically clean first and then prime them with something that will stick, making sure you follow all of the manufacturer's directions for curing the stuff and if you are working within a system make sure you've checked (look at the tech data sheets) on the material's compatibility too.