I know squat about the topic, but a friend of mine had this to offer. He's got some gorgeous Dura-coat firearms. I'm afraid it doesn't answer your question about which is more durable, but I felt it was good info to share.
Same rules apply w/ any kind of spray on finish: surface prep, finish delivery, technique, and drying/curing.
Surface prep : most people say dura-coat over parkerizing gives the best wear resistance. Bead blasting also works great as long as you spray right after blasting so you don't get grease or moisture on the surface. Sanding will also work. Anything to roughen up the surface. When I did my AR, I bead blasted the steel and alumunum parts and lightly sanded the furniture. I've also done bolt actions where I parkerized the actions and then dura-coated them. Working guns that see alot of abuse I would parkerize first. Safe queens just get sprayed w/ little prep, mostly just degreasing.
Finish Delivery : Dura-coat is a 2 part epoxy (hardener and resin) that you have to mix. Since the hardener and resin is very viscous, it's hard to measure out the right amounts with a measuring spoon/cup. I've found using the disposable medicine syringes you can get at walgreens gives you exact measurements. The pharmacy will give you free ones if you ask (say you need it for an infant). You also have to add in enough reducer (thinner) to get it to go through your sprayer evenly. You have to play around w/ reducer amounts and PSI to get a good even finish w/o orange peel.
Technique : Multiple coats are better than one thick coat. Keep the sprayer moving past the end of the piece so that you get even coats. Hang the piece so that you can get to every nook and cranny w/o touching the piece. I've used HVLP guns and air brushes and they each have their quirks. If you are going to do an AR fully assembled then the HVLP is the way to go. If you are doing seperate pieces (barrel, sight base, stripped upper, etc) then use an airbrush.
Drying/Curing : Dura-coat dries to the touch pretty fast, but it takes days/weeks to fully cure. Before it cures, you can handle the pieces and even reassemble the gun if you want, but you'll be able to nick the finish before it fully cures. After it cures, it's pretty hard to abrade the finish. You know it's cured when it no longer smells.