The gunsmith that is applying my Cerekote said the difference between the two if they are applied correctly are:
1. Cerekote is a ceramic base coating so it stands up to wear and tear, but if dropped on a rock or concrete it can crack. If it cracks you cannot just do a touch up, instead you have to strip that piece and reapply.
2. DuraCoate is a paint base that holds up great to impact but not to wear and tear, however if you scratch it you can apply a touch up.
This is why I started this forum post, because I have a DuraCote coating already on my rifle but it is peeling due to improper pre-treatment application. Moreover, I wanted to hear what the other guys on this site had to say about their preference, and it looks like Cerekote is the winner.