I recently made some Mdo signs with a non-exterior Mdo ( I thought all mdo was exterior, but apparently not. ) I primed and painted with latex and an automotive sprayer. Each side received 2 coats of prime and 3 coats of paint. Because I hit the edges at a 45 degree angle of spray, all edges received about 8-10 thin coats of paint. By no means was this a thick coating of paint. These were installed and I noticed a bit of a wave to these signs within 6 months. Within a year, one sign had completely delaminated through ALL layers of the board and was just a wobbly mess.
After talking with my plywood supplier, I found out that these were not an exterior glue. What still baffles me is that even with those 8-10 coats of paint on the edges, water was still able to penetrate through the edges. These were painted with Sherwin williams super paints. Needless to say after eating that job, I'm a bit gun-shy on using mdo without marine grade or a ridiculous amount of edge sealing.