I'm thinking of doing a new addition in cedar claps, being an old house, cementboard wouldn't look right, and I have to either stain or paint the wood.
I saw an episode of TOH a while ago about some paint that had ceramic beads in it that was made in Europe. The stuff is supposed to last for something like 20 years without a new paint job!
The alternative is to use a solid, colored stain. It would get chalky over time, but, not blister nor peel like paint would.

What would Dear Flabby say???