I painted the engine in my 1800ES with POR-15 then topcoated it with one of their engine enamels. It still looks great 3 years later. Nothing has flaked off and it still shines as well as it did when I painted it. And best of all, no brush strokes to be seen anywhere. I could not be happier.
That said, I followed ALL of POR-15's instructions and cleaned the engine with their Marine Clean product thoroughly first, followed by treatment with their Metal Ready.
I've also used POR-15 on bare metal parts with very good success. We had the entire front suspension of the 1800 media blasted so it was definitely down to bare metal. Again, I used the Metal Ready to prep the surface before applying the POR-15. 3 years on and everything is still looking beautiful under there. No chips or flakes anywhere. I did topcoat the POR-15 on those parts with their Chassis Black paint. I wasn't worried about the UV problem on those parts, I just didn't want the gloss black finish of the POR-15. I think they sell it in a black semi-gloss finish now, so that would have saved me a few steps (and some money).
Good luck!