Also, you're simplifying the difference between plywood and MDO. MDO's paper overlay is specifically designed to add durability in exterior use. It's not just for a smooth surface.
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MDO,(Medium Density Overlay) it's smooth surface was designed for the sign industry and concrete form making for heavy exterior use and that is why the smooth paper resin overlay. Years ago for signpainters who needed a smooth finish to letter on, it was great for holding up outside, but not anymore since ACM is so much better to use in the elements and lighter to carry and move.