Painting exterior masonite

Hi, I've spent a bit of time scouring the archives of usenet looking at discussions of painting Masonite type horizontal siding. Most of the advice comes from a decade ago so I was looking for a bit more current advice concerning the matter of what sheen it should be done with. I know traditionally it was much better to go with a glossier sheen, but with current high quality paints like Benjamin Moore paints, would it be acceptable to have it done in a flat base or is this still too porous? Has anyone who questioned this 10 years ago in the newsgroups went ahead with the flat on the Masonite? And if so, how is it holding up?
I anticipate going with a low lustre on the trim, but won't gloss also bring out imperfections on the smooth siding more? Is the trade-off worth it? It's a nice two story, two car garage home. I would rather not have the paint fail in 3 years, but don't really like the gloss look, especially if it's not going to help hide the minor imperfections.
Thanks all
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I repainted my masonite (vertical panels) with white flat latex about 20 years ago. Still looks good. One side that was damaged was replaced about 15 years ago. This was primed with oil base, finished with white flat latex. Still looks like new. This is in the desert near Las Vegas -- no mold mildew problems.
I thought flat finish is the standard for siding with glossy enamel a possibility for trim. But I'm just another homeowner, not a professional painter.
SJF
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