We had ours powder coated green to match the gelcoat trim on our boat (inset and boot stripe). We are going into our third season and it has held up just about as we expected - worn off the point and leading edges of the anchor, flat surfaces a little dull but otherwise intact. Keep in mind that we boat almost exclusively in fresh to brackish water, with most anchoring done in mud and silt. Truthfully, the only reason we did it is that we have a good boating friend with a powder coating company that did it for free. Not sure we would have done it otherwise. He has done this for four boats in our group and all holding up the same. last year he redid his in a US Flag motif, that really looks cool. Anyway, that is our two cents.
EDIT: Forgot to add that one benefit is that the mud comes off much easier when we pull up the anchor.