I've had my street and track wheels plasti-dip covered since last May (
Plastidip Wheels - You Vote) and it works well. No problem with washing the wheels, rain, heat, or cold.
If you nick the coating, just re-touch in 30 sec's. When they look too dull, use 1/3 of a can to put on a fresh top coat.
With that being said, plasti-dip works great but don't confuse it with real paint or powder coat.