Quick deterioration of the MDF leading to early renewal - thus dramatically cutting any cost savings over tanalised or untreated timber [1].
None, the stuff will still rot or break down early.
[1] I have just finished painting my 30+ year old tanalised fascia boards and there was absolutely no sign of rot or decay in them - and that's a 'life' that you will *never* obtain with any type of MDF when used externally.
My advice is to 'bite the bullet' and pay the costs for some decent, treated timber and then decorate it correctly - or replace (or cover) the old stuff with plastic.
I don't know why you are quite so sceptical - I can understand some scepticism, but if they use a fully waterproof glue (and enough if it), why should it last any less well than WBP ply providing it isn't particularly stressed? They may well treat the sawdust with preservative (I know Medite are developing one with acetylised wood - dust equivalent of Accoya). They might even use durable hardwood dust, but I doubt it. It's a resin panel, with a cellulose filler is all. If the resin is right, and the quantity of it is right, and the filler is right, I see no reason there will necessarily be an issue. How much would you worry about leaving a sheet of compact grade laminate (commonly used for cladding - have a peek over at the new blue Royal Holloway!), or tufnol outside?
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