Fiber Cement Sheeting for walls instead of painted plywood?

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Looks like the price around here for T1-11 plywood is identical to the price of 4x8 sheets of Hardie panel siding. This is very compelling. Am I missing something? Other than having to use different fasteners (I assume), and a little harder time cutting openings? Wouldn't the fiber cement be a lot more durable?
 

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