if you can afford it, MDO all the way, it's 1/3 to 1/2 lighter, its stronger, you can screw into it safely, and its far more moisture and dent resistant, plus no formaldehyde dust everywhere
and the laminate/paper face takes paint better IMHO
cons: Pricey, hard to find, look closely at the sheets you are buying once in a while you can see the plywood grain through the paper/laminate and you don't want that to show up in the paint, so pick a different sheet