MDO is the best, but very expensive. It's essentially an outdoor grade plywood with an MDF surface. It comes in good one side or both. Used a lot in the sign business.
MDF is the next best thing. It cuts clean and you can sand it nice and smooth, even if you get a ragged edge. Don't put it outside or get it wet, unless you have sealed it well with a good enamel. Be careful screwing into the edges....it hates that. There are special fasteners that work great with it, but can be a little tricky to install.
Plywood is ok, if you get some good stuff with a hardwood veneer. Also expensive. Cheap stuff with a raw finish is ok if you plan to add a rigid laminate. If you try to use regular plywood, you'll need to do a lot of work to get rid of the grain. It also warps easy.
Particle board works, but you have to be careful. I never thought I would find something heavier than MDF, then I tried dealing with PB. They make the stuff out of glue and sawdust, and an occasional stone and metal filing. Can be rough on tools if you run into stuff that's not supposed to be there. It's also not very durable. What mushes down or peels a corner on MDF, breaks it off with PB. Probably the cheapest option, though.
FWIW.