Will it fade ... sure over time, depends if its parked inside when not in use and also where you live. Will it fade as bad as say the cheap $20/gal enamel rust paints they sell at home depot in JD green no. I've painted implements with IH red and NH red and they have stood up pretty good over the last 10-12 years all things concidered. They got nicks and scratches in them now but thats not the paint's fault. The color is still real good as they are stored inside.
For me it depends on the degree of prep. If I'm going to spend weeks detailing something, blasting parts, sanding etc. I'd want to put on a better quality paint. If its something I'm degreasing, wire brushing off loose paint and so forth I just spray on the Machinery enamel from CIH.