There are a number of siding choices a home owner can consider.  There is vinyl home siding that is low cost and comes in many colors and there are wood home siding types made from various wood products. My experience has mostly been with clapboard style home siding, so my examples and opinions are somewhat limited. But I'll review the types I am familiar with.

Pine Wood Home Siding

I used this once on one of my homes and swear that I will never use it again. Within 2 years the pine wood home siding clapboards were cupping (curling) and the nails were popping out. By the third year the home owner needed to re-side the house. It is relatively in-expensive in the short term, however you will pay for your decision again within 2-3 years.

Vinyl Home Siding Vinyl home siding is definitely the most popular home siding today. Vinyl home siding comes in many colors, textures and gauges (thickness of the Vinyl).  It is very easy to maintain and is very cost effective. A power spray wash once a year and vinyl home siding looks like new.  My only issue with vinyl home siding, is that it still "shines" and is not as durable in high wind locations. If you can live with these issues, then Vinyl home siding is a good choice.

Masonite Wood Home Siding

Masonite wood home siding has the texture of Cedar or Pine Siding, however a lower cost point than Cedar home siding. If installed correctly I have seen masonite wood home siding wear very well over a 15-20 year period. They key is: Installed correctly. If not installed properly, moisture can seep in, swell the masonite wood home siding and eventually lead to rot.

Cedar Wood Home Siding

Cedar wood home siding is my preferred choice. Cedar wood home siding holds up well to the environment and provides a level of richness and texture that is still not reproduced with Vinyl home siding. It is however, quite a bit more expensive  (approximately 2X), and will require painting every 5 years or so.