In 2009 I had Hardiplank siding with the pattern, (not the smooth clapboard like look), installed after stripping my house down to the sheathing. We used Kleer PVC for all corner boards, window trim, etc. The HB was pre-primed at the factory and then given another coat of their specified paint, giving us a 30 year warranty on the painted boards. We put 1" blueboard over the sheathing before attaching the HB, and used SS ring shank nails properly spaced. And the boards were spaced at the butt ends, as specified, and flashing was installed at all butt joints. All cut ends were given 2 coats of the same paint from applicator bottles supplied by Hardie.
We used it on the entire existing house and the 30 x 30' foot addition and 12 x 15 foot L addition. Then we installed smooth surface HB on our 50' W X 40' D brand new barn building. Then we bought the house next door on spec, and replaced an old garage with a brand new one, 26' W x 30' D. Again all HB siding. We have had ridiculous amounts of snow, torrential rains and Sandy and Irene whip all of the houses, and barn to no avail. The existing siding, vinyl, on the spec house has warped in the sun, gone brittle and cracked, and is just impossible to deal with. If it weren't a spec house I'd tear it all off and replace the rest of the siding with HB, no questions asked.
IMHO, if properly prepped, flashed, coated as specified, the HB is bulletproof. And I've dealt with cedar shakes, pine and cedar clapboards, and cedar shake shingles in VT and on the coast of CT, and nothing does the job HB accomplishes.
The ONLY thing that needs any attention is my southern exposure side of my house needs to be washed and given another coat of paint to reduce sun exposure fading, compared to non southern sides. No failure, just some fading. Acceptable in my opinion. YMMV.
BTW, I've never experienced any mush or water absorption issues here in VT on HB.