Interesting thread. I have used hundreds of sheets of mdf over the years building high end car audio sound systems, from speaker baffles to subwoofer cabinets, trunk floors etc. The routing and sanding / finishing capability is second to none; also paint, glue and fiberglass stick nicely to it. I have never had anything swell up or come back because of moisture damage.
Truth be told, I have seen damaged/swelled mdf in a few places, including a 20 year old shelf unit I built that has sat out in the rain and now in my car shelter for about 5 yrs. It looks terrible, yet still manages to stay whole, lol.
Main Point: About 5 yrs ago, I sat next to a gent on a plane and we got talking. He was German, and since I'm fluent, we had a nice lengthy conversation including "what do you do for work". Turns out he was the lead engineer for a company that manufactures the presses that make ....gulp...mdf!
SInce MDF is primarily made of dust and glue, it actually contains lots of waterproof goodness. He told me in no uncertain terms that most higher grade mdf now manufactured is essentially moisture resistant, due to the improvements in manufacturing and some kind of outer layer/surface seal introduced during the pressing. The edges obviously are going to be potential entryways and could use a sealant.
IMHE, I would use plain 3/4 or 1" mdf (since it is and will remain dead flat) and replace the tops as needed. Anything that is used as a surface is essentially consumable to some degree, since once it is damaged/marks up the work piece it can no longer function for its intended use.
I have a 25 year old Black+Decker Workmate 200 that still has the orginal plywood surfaced combo top/vise intact, other than usage damage. I live in Toronto so we get our share of humidity, rain, winter and the other seasons. It does live in a heated garage, but it amazes me how flat and solid it remains after so much use in a tough environment.