The other thing to think about is if it retains heat, from what I understand PVC retains heat, heat = moisture because the air doesn't cool down enough for the droplets to get large enough for the water trap to effectively trap it. Or for the water trap to not have to trap it because it simply finds it's self in the drain first.
Water pipe is so cheap and available in so many different lengths I just figured why chance it? But as others have said, I have seen it in shops MANY shops with PVC and never heard of a failure that I can remember. I don't think the failure thing is that big of a deal, when you go to the store to buy your pipe, there is PVC, and next to it is galvanized pipe, you can grab either one, it's your choice right?
This is a flexible line I got at an aircraft parts place.
Up and over..
Mounted on blocks so that the pipe can get air all the way around it so it cools better.
Over the garage door and down the other side.
To the water trap and a drain before it that goes down almost to the floor.
I did this following what the major paint companies say on compressor piping, to a tee. It's 3/4" pipe (ID) galvanized, don't use black pipe it will rust. You will notice it is mounted at an incline, again, right by the paint manufacturers guidelines. This makes it harder for the heavier water droplets to travel up the pipe, instead coming back to the compressor to be drained out the bottom. The down pipe at the end takes an abrupt rise before it goes down for the same reason, so the droplets can as easily go up before coming down to your outlet. Again, this is all per the paint manufacturers guidelines to produce the least moisture at the end of the hose, at your gun.
I built it all with pipe right off the shelf combining precut lengths to fit. I had to have them cut and thread one piece for me (at no cost) and I was done, a system I never even have to think about, done deal.
Brian