I have a board and batten cedar sided cabin on which I used Olympic oil based stain. I personally, have been very satisfied. The cabin is ~ 14 years old and I have stained it twice in that time. Obviously the first time and then again about 4 -5 years ago. There is some sun bleaching on the south and west sides of the cabin, but it is not severe. Typically the thin stain allows it to penetrate the wood better and hopely provide better protection.
Two caveats -
1) This is only my opinion. I like Olympic oil based stain.
2) If you use Olympic oil based stain, make sure you mix it well with a stir stick.