When I first started in this hobby, I read about all the issues associated with MDF. Nasty, unhealthy, hard to remove dust; Heavy; Won't hold screws; Expensive.
Call me old school, maybe even naive, but I've only worked with plywood. As shardian points out, it is also good to recycle an old cab (my 1st and 4th/current are referbs). My 2nd & 3rd were made from 3/4", 10 ply cabinet grade plywood.
Disadvantages: Rough surface - dealt with extra coat of primer; splinters & hollow spots when rounding over edges - dealt with watered down wood putty.
Advantages: Cheaper, lighter, holds screws, structurally strong, wood grain finish possibilities.
For what it's worth, I prefer plywood.