Hey matsu, not 100% sure on the finish the merc wheels have but the monza's would have old coating and lacquer removed taken to bare metal, then any repair or filling done, then powder coated in monza case the whole wheel is coated in anthracite or gloss black, then they diamond cut the face back to reveal the metal, they then apply a layer of lacquer over the whole wheel to protect it.
The issue with diamond cut faces is that the lacquer has difficulty bonding to the metal face as it isnt rough enough so small chips or curbing cause the lacquer to peel away fromt he face. Once water gets in contact with the metal face which is an aluminium blend it oxidises (rusts) which with aluminium leaves a white compound behind (aluminium oxide) as with all oxides the inclusion of oxygen and reforming of the metal structure causes the volume of the wheel to expand, this expansion further removes the lacquer and allows the water air to spread slowly eating its way across the wheel.
If you simply powdercoat a wheel you negatively charge the metal object and fire charged particles of the powder coating material at the object once attached they are heated to metal the powder coat and then baked till hard, rather than painting this provides a solid layer or coat over the whole of the item (even inside and round the back of spokes, this material is inert and provides a hard protective barrier between the metal wheel and the elements, a layer of lacquer will also be applied to this coating to give a lustre.
So if you want a well protected wheel that isn't susceptible to corrosion you should really powdercoat the whole face and you can get finishes that mimic metal and have a high lustre (chrome or smoked chrome finishes) they wont be a bling as the diamond cut look hence VW and Mercedes keep on providing diamond cut wheels but they should be more robust in the UK environment.
For examples of chrome powder coat RR got his monza II's in a colour called smoked chrome and route a thread on it the dreaded whiteworm, also most of the powder coaters have example pictures