Great question, long answer. TLDR version: No vinyl, go Hardie or fiber cement
I agree with the sentiments against vinyl -- in my experience it doesn't hold up well, it looks cheap, and it's probably the worst choice environmentally speaking. Also, in many cases vinyl is installed over the original siding, and moisture trapped between the layers can cause all sorts of problems (rot, mold, structural issues) that you don't see because it's covered up -- then creating even bigger problems to address when you finally realize what's happening.
One side of my (1902) house is the original wood -- it's the most attractive by far, but requires more maintenance and regular (every 5-10 years) painting. The other three sides are cement plank on top of two layers of other siding, including a rubber asphalt "brick" pattern, which is kind of hilarious -- it's basically a time capsule of what siding trends have been over the last 100 years. The previous owners removed the cement plank from the back of the house and restored the original wood, but then decided that was too much work and expense to do the other three sides. I've thought about doing it myself and looked into various options, but also come to the same conclusion.
My existing cement plank siding is 20% asbestos, so it's not something you are going to find on the market again (and it's fine/safe as is as long as it stays in place), but I've replaced a few shingles in connection with repairing the front porch and was able to find an exact match (but without the asbestos!) here:
http://www.gaf-weatherside.com/ I would and will use these again. They are pricey, but easy to work with and extremely durable. Painting was really easy and as I understand it I shouldn't have to paint them again for years (decades?) -- certainly not before I change my mind and want to repaint just for color choice. If you are a DIY type, they are easy enough to install and you can get all the necessary supplies from that website.
Hardie makes similar products and also has a great reputation -- I know a few friends here in Seattle who have it and are happy with it. We don't have the harsh winters you do, but there is a lot of rain and moisture in the winter and very hot, dry, sunny summers so siding does tend to take a beating. As someone else noted, you can also get pre-colored planks so you don't have to paint at all if you don't want to, though the color choices are somewhat limited.
You will spend more up front on Hardie/fiber cement than vinyl, but it will last you 50+ years, and I think looks nicer. Depending on your market, it may also help significantly with resale -- when I was house shopping, I ruled out pretty much every house with vinyl siding (unless priced way under market) because I knew I would want to replace it almost immediately and there was a risk of what problems I would find underneath.
Good luck!