we are thinking of using fiber cement siding to replace masonite that is getting soft spots in it. we are also considering vinyl.
Painting Fiber Cement Siding
Fiber cement (best brand is James Hardie) board has a 50 year warranty, needs paint every 7 years or so, depending on paint quality, facing (North and East less often than South and West) and climate. Much better long term than vinyl -- over time the oils will cook out of the vinyl, leaving it chalky looking and very brittle.