I'm thinking that, over time, the paint will dull (if it's not already) then will gradually burn off. It may flake a bit.
Ceramic coating (I generally get "near chrome") will dull out, over time, to a matte silver, but will retain it's insulating properties. i was able to eliminate all my exhaust heat shields, on my Formula, without roasting anything. (Left the shields on the SD4. But there was wiring *right behind* them.)
I don't have any good pics of the V6 stuff, but the SD4 was the most recent.
At this point, the tubes were already a bit "cooked". I had a bad carb (before I installed the Holley). Was running so lean that it turned a couple of the pipes red, even through the coating.
edit: I shrunk the image a bit to make the text more legible. - tshark