I can't speak for Duracoat but I've used Norrell's Moly Resin several times with great results. It's a spray & bake type finish so plastic parts are a no-go. (He makes an air-dry formula for heat sensitive components, but I've never used it)
From what I've heard from people that have used both, the Moly Resin is easier to apply consistantly. I use a small siphon feed badger airbrush and it gives plenty of control over the spray pattern to get a nice thin, uniform coat. With pre-heated parts, it's almost impossible to get a run or sag as the stuff dries almost on contact. The flat SOCOM black comes out a really dark charcoal black... like a new chalkboard.
As with any paint job, it's all in the prep. I always thorougly wash the parts in MEK and then abrasive blast with Aluminum Oxide media (80-120 grit) to give it some tooth for adhesion. I've heard spraying over a fresh park further increases the durability, but haven't found that necessary (plus I'll assume your parts are probably aluminum so forget about that).
Speaking of aluminum... I've heard conflicting things about media blasting hard coat anodized parts (uppers/lowers/MRFs... etc). The HCA adds a hardened skin to the aluminum and blasting that off will leave the surface softer and easily marred. I would think lightly hitting it with a fine grit media would be fine, but I wouldn't take it down to bare metal.
Once applied properly I've found the stuff to be quite durable. I coated the grip safety on my 1911 (every day carry) and the only place it shows wear after over a year is the sharp outside edge on the beavertail. The typical wear spots where the safety rubs the frame when depressed are still like new. Same case for the trigger and thumb safety parts.