+1 for powdercoating, because it's more durable, will get into all the crevices, and give you a more even (OEM looking) surface.
Having said that, painting isn't a horrible option if you don't want to go through the powdercoating effort. You just have to be diligent and patient about the process. First, use a good degreaser (otherwise the paint won't stick), followed by an appropriate primer and a high temperature engine paint (which comes in many colors). You can buy "caliper paint" for $10 bucks at your local auto parts store, but high temperature engine enamel works just as well. You'll have to decide whether to brush the finish on (not recommended because the paint is sticky and the result won't look like a factory finish), or spray it on (which means taking the calipers off altogether or doing a lot of protective masking to avoid airborne red residue on the body, chassis and/or wheelwells. The downside of spraying while the brakes are mounted is that it's hard (damn near impossible) to get into all of the little crevices evenly with the spray can.
Once, you're done, you'd have to add "Porsche" decals - I think
Suncoast sells them for about $20.
I have a base Boxster and was originally planning to paint the calipers red. But I decided not to bother because unless I go the powdercoating route, the finish won't likely look as good as the current black powdercoated calipers do. The base calipers are powdercoated black from the factory. The S calipers are factory painted.
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