Dude-
I currently own a Les Baer SRP which came from the factory with the Bear Coat finish. My opinion is that while the finish looks awesome especially straight from the box, it is not perfect.
I've found my finish to be too slick for my liking and the wear properties leave are less than impressive. This finish wears quickly in high spots where the holster contacts the gun. I must comment that other areas such as the flats of the slide still show no marring or other wear as one might expect with blueing or lesser finishes.
My opinion is that this finish is probably about as durable as any similar Teflon based finish. However, given the option I would opt for a similar finish without the slickness. My gun is now over 2 years old and some have claimed that Bear Coat recently reformulated their finish creating a less slick product.
However, Steve Clark (Custom 1911 builder) and Terry Peters of P-T partners (gun retailer) who both have extensive experience with this and other similar finishes claim that Wilson's Armor-Tuff is somewhat more wear resistant and less slick.
Check out
www.1911forum and search for black-t in the custom parts and gunsmithing section dated March 23, 2000. This long post contains a lengthy discussion of nearly all black finishes currently available and I believe it is a good even handed discussion.
As a last note my advice is to stay away from Robar out here in Phoenix. While I've found their NP3 finish pretty decent, I've dealt with them twice and will not let them touch another of my guns.
DR