How does a black metal roof hold up over the years?

I can't answer your question but the way black absorbs wavelengths of light and converts it to heat is no go.

I love black metal roofs. We put them on patio's fairly regularly and actually put one on the front porch of our new office. I wouldn't worry about fading.

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Are they significantly hotter?

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You get on a black metal roof in the summer and that bad boy is scorching. But pretty much any color will be.

The underlayment is more important for your energy efficiency on your house though. Use a synthetic felt instead of a black tar paper felt. Synthetic felt almost feels like a tarp. Hard to tear unlike your old black felt and much cooler for your home. Using synthetic felt versus tar paper felt makes a bigger difference than choosing a white metal versus a black.

A lot of people say they don't want a black shingle roof because their house will be hotter. Nowadays you have shingles that have polymer in them so less tar and gravel plus synthetic felt, a black roof won't be any different from any other color.