It's like MDF with the strength of plywood in the middle. My local lumberyard calls it sign-board and stocks it in 1/2 and 3/4 inch sizes with a very thin fiber layer on each side. It is very flat which is a huge advantage over regular plywood which always seems to be warped. MDO's dense outer layer keeps moisture from getting into the outer fir ply and causing bowing as the wet side expands. The surface is nice and smooth for laying out cut and drill lines. You can even scribe it. Another bonus: the fiber layer prevents tear outs when sawing or routing. The stuff I bought has five plys with no visible voids. I think I paid $45 for a 1/2 x 4 x 8 sheet.
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