Does depend on the extent of the damage. Last wheel I asked about (for my old E36 BMW), they could not repair it, so only way to know is to let them see it.
They should strip all the old paint, fill and smooth out any damage/chips on the wheel, true the wheel (if it is not too bad), primer, paint and laquer. Should look good as new, but it does depend on the place doing the work to some extent. i.e. the wheels on my mk1 Sport had been refurbed by the previous owner, but the paint in the corners between the spokes was a little dimply, so not as perfect as I would've liked. They did still look good though.