I don't have any experience with particle board, but I just wanted to say that some hardware stores sell a light weight MDF in addition to the normal. However, it is more expensive. Keep an eye out for that. My local HomeDepot carried it.
Also, I think that a majority of the weight comes from the monitor, especially if you are going to use a 27". I built a 4 player cab out of MDF based on Lusid's plan. When moving around my cab without the TV inside, it is not that heavy - just bulky. However, once the TV is inside, it barely budges. I put 3" casters on the bottom, and that greatly helps the mobility of the cab.
good luck!