If it sounds too good to be true... "Must be primed and painted before being exposed to the outdoors", doesn't sound anymore waterproof to me.
As far as marketing claims go, here's an example; Advantech is supposed to be the latest and greatest exterior grade/waterproof chip board intended as a decking/sheathing material. I'm pretty sure that what they mean is if it gets wet once or twice during a home construction project it isn't the end of the world, and will dry out and and be okay once the house is done being built and weathered in. Where I work they used this as a flooring underlay in a mixer room/wash down environment, then capped it with a (supposedly) water proof industrial plastic snap lock tile finished floor, then did a pretty sketchy job sealing around the toe kicks. Within 2 years the floor became spongy and black with rot. It had to be ripped up and replaced at no small cost. (They used the Advantech again, but this time they went with a "welded" plastic sheet good and rolled it up, sealing it to the wall to form a tub like baseboard.)
So there is no free lunch. If you let moisture creep in and fester it will swell and rot just like any other wood.
I would (in fact I did) go with the marine ply in 5mm (3/16 inch); some people go as thin as 3mm (1/8 inch) for ease of bending and lighter weight. When backed up by foam board 5mm is more than adequate.
As always, it is as much about designing for and sealing the moisture out in every last detail, as much as it is the materials selected.
