I am no paint expert, but I have recently seen an ocean-front house on the Oregon coast that was painted about 2 years ago with elastomeric paint. The house has cedar lap siding. It still looks great - as if it was just painted. There is no mildew marking on the house anywhere that I could see and there is no smell of mold in, or around, the house. Is there some rotting going on underneath the paint where it can't be seen? Who knows, but at this point there isn't any sign of it.