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I too have heard of issues with the paint "peeling" off. That said, I suspect the issue to be related to just the Ternos 40mm. For the 42mm Pro, the paint on the etched ceramic is actually BGW9 lume paint and has an entirely separate adhesive properties (think paint being latex paint, and lume being more glue-like).
Also the lume compound on the indices for of the Ternos 40mm is not BGW9, I think its actually C3 Lume (hence the yellowish color and greenish glow). BGW9 is also used on the indices for the 42mm Pro, which is whiter by comparison (and blue glow). It has been indicated, however, that the BGW9 does not glow as brightly, but it does last just as long and is noticeable in the night none-the-less.
Based on my discussion with a dealer few months back, apart from the size they‘re identical.