There is a good article on powder coating in the most recent issue of Handloader magazine. I have a good friend who is a bullet caster and he's experimented with powder coating quite a bit the past couple of years. I don't think you can say that PC is better or worse than conventional lubes. I think both have their place. As for me, all I've ever used is the conventional type lubes applied with a RCBS lube/sizer press. For one thing I can't get over the odd appearance of bright red/yellow/blue etc. bullets showing in the front of the cylinder of a single action revolver. :)
But it would be fun to give it a try since bullet casting lends itself to experimenting so well. I've been surprised at how well my friends PC bullets have worked even with rifle loads up around 2,000 ft/sec. Maybe some above that but I don't recall exactly.
From the article I mentioned above, it seems that it's real cheap to PC bullets and the powder can be applied by pouring some into a closed container on top of the bullets, rolling it all around much like you would LEE Tumble lube and then baking the bullets in a toaster over to melt the powder. Apparently you don't even have worry about standing the bullets up on their bases.