I've used spray cans since the 70s when it was the only option. I'd prefer powdercoating now, but it's too expensive where I live. £25 for a colour that's already being done, £40 for my choice, and that's before another £25 for shot blasting. That's £65. The last bike I sprayed cost me £26 off ebay, a nice Saracen Sahara SE. I spent about £26 on spraypaint, and though the coating isn't as tough as powdercoating, it's beautifully smooth, due to rigorous sanding. I know it's a lot of work, but, frankly, I enjoy it.
My tip for a good finish is primer, leave 24hrs, check for defects, sand and respray, leave 24hrs, base coat, leave 24hrs, any defect that show up here, wet and dry, leave 24hrs, top coat. I can usually get away with one big can of primer and two, sometimes three cans of paint, depending if I'm just doing frame, or frame and forks.
But like I say, I quite enjoy it, so it's not really a bind.