Lots o' voodoo science out there regarding chrome.
Chrome has a lot of properties, some good, so not so good.
Let's look at durability first - at its' best, chrome can be very, very durable and extremely rust/corrosion resistant. This is why the 120mm smooth bore Rheinmetall cannon on the M1 Abrams, the German Leopard II, and the French Le Clerc main battle tanks and all the 125mm equipped Russian tanks utilize the industrial hard chrome process. Further, there isn't a modern military machine gun made today that doesn't utilize chrome bore barrels and other internal parts that are chromed to reduce wear and inhibit corrosion. Projectiles traveling at speeds of a mile per second, create very hostile surface environments! There are also tons of chrome applications in the aerospace industry as well.
Cosmetically, which is where most applications concerning cyclists and motorcyclist are concerned, can be a can of worms. The major culprit is the polishing process, a point of contention others on the list have pointed out. Then there's the process itself - most folks don't understand what "triple plated" means and go off talking about chrome rusting. Chrome doesn't rust. The metal it's applied over rusts. To triple plate, generally means a piece is polished, a copper "strike" is made, the piece is flushed, cleaned and dried, polished again, then a nickel "strike" is made, the cleaning/polishing process repeated, finally the chrome is applied. Many of the older European bikes were simply polished a bit and then dipped in the chrome vat, given a cursory flushing and sent out. In this manner, the chrome offered a porous surface with little protection, leading to legendary rust battles. Ever see chrome on older Fiats?
Then there is "electroless chrome," a process that is gaining a great deal of regard for its' properties of increasing surface hardness and corrosion resistance.
Sound tedious? Talk to some of the folks in the chroming business that do nothing but Harleys! These peoples reputations and livelihoods are on the line - no rounding off of edges, "burning" of surfaces, etc., are allowed.
Then there are the environmental impact aspects, none of which are eco-friendly. Lots of toxic chemicals utilized and developed as by products that pose hazards to both the people working around them and the eco system at large when the solutions are no longer effective in the process.
Hope this helps to "stir the pot" a bit and to help dispel some "urban myths."