Jordan,
I used the 1/4" oak veneer mdf for valentine's cutting. Cuts great, blade held to line much better than plywood, and edges look great. Did create a lot of dust so respirator was a must. Made three of them. While putting the base on them, two of them shattered as if they were made of glass. Does not have the bounce and springiness that plywood has. Will make great backer board and should work great for "non-fragile" work.
(let's see now - WPIDH)
Larry