Maine Sail-- you mentioned MDO, which I have always believed was pretty good stuff. Apparently quality has slipped in the 15-year hiatus I took from the boatbuiliding industry. I managed to swipe a scrap from the Cherubini shop to use as a very low, short bulkhead on which the ladder was to stand and the cabin sole was to terminate and relied upon its being 'marine-grade' for a crucial structural application.
This was, in fact, the first piece of my restoration project to rot. Rainwater came in from the not-yet-repaired cockpit-seat scuppers and wet the back of it. Of course the whole thing had been well-treated in epoxy and bedded in liberal amounts of 5200 against the hull. None of this was done wrong. But the MDO became soft on the backside of it and before long I was able to dent the back (MDO side, not white laminate side) with finger pressure. The whole thing was rotten from the inside. I suspect that the epoxy did not want to penetrate the very solid 9-ply core and, though it appeared well painted-over in it, the water found some miniscule speck that was inadequately treated. This happened over just 3 or 4 years.
The fix was the same as what I do with cored decks, but messier and probably not as conclusive. I drilled into it-- right through the nice mahogany cap on top of it, which was bonded down by then-- and flooded it edgewise with epoxy from a syringe. It took several applications over the course of a few weeks till it stopped oozing out through the bottom of the piece. It really was that rotten to the core. Now it is essentially an MDO-epoxy sandwich.
I will not rely on such wood again. I have no doubt that I had I used a decent piece of mahogany plywood the epoxy would have taken to it much better and penetrated much more deeply. Also I was using MAS (from the shop) for that, which I do not like as much as WEST. MDO (which is 'marine grade' may be fine in a laminating (planar) application such as decking, but stood vertically in the bilge it shows itself to be just as susceptible or even more so than anything else.
I confess I used it only because I needed 3/4" and the scale of this boat precluded my buying even half a sheet of 3/4" for any other part of it.