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I only know of one forum member who has posted they they painted the XM antenna... and said there was not reception issues. I plan to do when there is time...
Michael
Somewhere here there was a post for a fellow that paints them as part of his biz, I think for about $45, to match your car. I would guess (or hope) if he's doing that, then he has determined it doesn't degrade reception.
Mine is painted. No reception problems whatsoever. Car (and now the XM antenna) is LMB, so there's no metallic paint issue.
When I drive in my parkade at work, my XM used to cut out at certain points in the garage, and back in at other points. After painting the behavior is IDENTICAL. This is a reasonably objective test and shows not even the slightest degradation in reception.