Suggestions on what to use for "exterior" ceiling

I have about a 4 to 5 feet overhang area, which is now covered with painted wood boards. It has been there for years and recently I had to remove a bunch of them to perform repair of the framing above it and leaks in the super-gutter above has caused the boards to rot. Over 60% of the boards are damages in some way, shape or form so I am in the process of riping them all down.
Here are some pics of what it looks before I took them down:
The board that is there now is still available at HD:
Millstead 11/32 In. or 3/8 In. x 4 Ft. x 8 Ft. 1.6 In. Plybead Pine Siding Model 538281
at about $18 for a 4x8 sheet. It sort of look like a T&G wood ceiling but it does not, actually looks a little cheesy.
I am trying to decide what to do to replace it. Obviously one option is to use drywall, or to use the same board as before, but I would welcome any opinion/comment as to other options. I don't think I could afford a true T&G wood ceiling that is installed plank by plank.
Location is Miami, FL if it makes a difference.
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