I've seen a ton of posts from pick up truck forums that use Rocker Panel Paint. Those guys didn't like the chrome look so they sprayed it with that and most have held up for 1-2 years so far. I'm 50/50 on the powdercoating because it can cost a lot of money, especially uninstalling the aluminum boards.

I'm going to call a few places in my area today to see if they can give me an idea of costs. Powdercoat is most likely the best and cost effective and durable option.