I just built my own home two years ago. We have southern exposure in the front where I have a 10 x 36 deck, an 8 x 24 covered porch, and an 8 x 20 covered porch. In the back of the house we have a 10 x 40 deck and a 6 x 8 balcony. I used T&G mahogany for the covered porches (I hope to screen them in someday and I wanted a "solid" floor with no gaps for bugs to enter that way). The rest of the decks and the balcony I used IPE which, as someone mentioned, is some South American wood. It is VERY dense and smooth. The deck boards required pre-drilling/countersinking and I fastened them with stainless steel square-drive screws. I seal all the floors with Penefin (sp?) which is an oil for use with exotic hardwoods. I like the IPE a lot and it looks like a million bucks when the Penefin is applied but apply it I must; every spring as the southern exposure beats up the decking something awful. The Mahogany on the porches are worse; they tend to dry up faster and they leave tiny little slivers (which don't hurt, they are soft) but my wife frets over them when the baby gets them in her little feet. I am hoping that once I screen the porches the Mahogany wont take as much of a beating from the sun or I may finish them with a marine-grade poly. The IPE in the back of the house can go more than one year without an application of Penefin but I do it anyway. I used Cedar for the railings and spindles and these hold up the worst. I am thinking of staining them to match the house (maybe some pigment will help?) instead of clear sealing them.
In retrospect, my wife would have liked to have used composite, mainly for the safety of the baby, for me I'd like to do away with a couple of days of sealing and crawling around on my knees, that's for sure...