Going over partical board alone will void floor covering warrentee's. Particleboard is smooth, knot-free, and hard. It has no core voids and has great impact resistance. Sounds like a winner! But the RFCI doesn't recommend its use for fully adhered sheet vinyl or tile floors.
Thickness edge-swelling is the number one complaint when it comes to particleboard installed under resilient flooring. Particleboard soaks up moisture at its edges first, creating ridges in the finish flooring. If vinyl tiles are used, they create a finish floor with many seams. These seams can expose particleboard underlayment to wetting and swelling when the floor is washed. Here, wood fibers will swell and tiles will lift around their edges. Particleboard is not a strong candidate for underlayment in moist locations like basements and bathrooms.