No flaking or chipping here yet. Used a DupliColor Low Gloss Black (DE1634) Engine Enamel. It's rated up to 500 degrees. A friend used the same stuff on his 4WD's skid plate. It's been through the mud, pressure washed several times, and still hasn't flaked at all. The key is to prep the chrome very very well. I used a 600 grit sandpaper, dry sanded, then sprayed with a grease and wax remover, 2 coats of plastic primer with 30 minutes in between coats, 2 light coats of the engine enamel with 15 minutes between coats, then 1 heavier, evenly distributed coat to fill in the gaps. Let it sit overnight too to cure all the way. Don't get antsy! Be patient and let the paint cure. Got all the paint and everything at pepboys for around 20 bucks.
Some other guys have used the gloss black or had it professionally painted. Professionally with a good clear coat would be the most reliable by far but again, if you take the time to prep everything well you shouldn't run into any problems. I'll update if there are any problems, but good to go so far. By the way, had a buddy do some bondo work to the yamaha logo on the right side too. Here's the results.
nice work. did you use the same paint on your headlight and other chrome parts?