The finish can be gloss, satin, flat, metallic, pearl, chameleon, etc etc. But depending on type of finish the price can go up quite a bit. Some finishes they'll need to powdercoat/bake twice, which drives up the cost. My wheels, for example, were powdercoated a graphite-ish black with an additional clearcoat, making it more glossy:
If it's a 3-piece wheel it's easier to paint the lip one color and the wheels another--I'm pretty sure it's possible with 1-piece wheels too, as they'd mask that area when powdering the lip.
As for wrinkle, that depends on the quality of the powdercoat shop. Cheaper places you'll notice more orange peeling, while nicer places the finish will look smooth. You can see it's pretty smooth from this pic:
