In reply to Fraser:
Another +1 for MDF - in certain specific circumstances. We had an external door that was panelled in T&G and painted a dark grey colour. Within a year of it being fitted it was bleeding through the knots. I put up with it for 4 years or so, every year scraping it back to bare wood, treating with knotting, Zinnser Bulls-Eye, painted with the best primer going etc etc. Nothing would stop the knots from bleeding. I gave up, ordered a sheet of high performance MDF (Medite Ticoya Extreme), routed some v grooves and dropped the whole panel into the recess where the T&G had been. 4 years later it still looks as good as the day it was finished. There has been no movement from weather either, so there's no paint cracking at all. I've since used the remaining MDF to make up wooden window beads that I was having similar problems with.
Tricoya MDF has a below ground guarantee against rot of something like 30 years. One sheet is eye wateringly expensive but worth every penny for the right job.