Well, it's not supposed to, but it may.
See my pics of the vert. I peeled it.
Sanded with 1200 and used 3M Perfect-It III products and you can see the end result.
I created a step by step thread on how to eliminate orange peel - Its called Orange Peel Eliminator - or somthing of the sort. Search for it, and that should answer ANY questions you have -
CLEAR COAT ALWAYS HAS ORANGE PEEL!!!
It is a lot less noticable on silvers and whites, and lights, but darks, it is blatant - either way, orange peel will always be present- i dont think there is a clear coat in the world that wont peel - Being in a body shop all my life, i have yet to find one -
GOOD LUCK - My thread will prove useful to yet another guy...
Paul Perreca