A sheet of 3/4" MDF is usually around $20.00. Pros: It is flat, consistent, and has a smooth surface for painting. Cons: It is heavy, prone to water damage, and the dust is more toxic.
A really good sheet of 3/4" plywood will cost at leats $40.00. It will be even more if is furniture grade. "BC" grade probably won't be good enough, and don't even think about "CD" grade. Pros: More rigid than the same thickness of MDF, Lighter, sawdust is less toxic. Cons: More expensive, surface needs to be sealed and sanded before painting.