Hardie is fine in direct sun, unaffected. Most has a ? year warranty, check locally. Care needs to taken with bumping (as a softball) it will crack on impact. The paint won't chip, only fade due to UV exposure and possible caulking, though not due to inferior product. My spin trimmer doesn't faze it, only removes paint if frequent. If it does get wet, it dries pretty fast. With a coat or two of quality paint, there should be minimal moisture to worry about solar drive with sun after a rain--- read on for the correct WRB to use.
Pretty pointless to compare a cement siding with an engineered siding, IMO. Apples to oranges. LP started with a bad idea (compress sawmill wood chips with glue for a siding and major case lawsuits) and added more glue and chemicals to stop the rot/fungus because it is still very susceptible to water/moisture. It is a replacement (pressed wood chips and glue) for the hardboard (pressed sawdust and glue) siding;
http://www.capitolcitylumber.com/exterior-products/exterior-sidings/hardboard-lap-beaded-siding
It breaks the paint edge on the bottom laps (edge away from house the farthest), is heavy (not as much as Hardie), and gives a lot of slivers... IMHO. Hardboard lap also doesn't take moisture well, as you noticed on the condos, if you look closer, be sure the sheathing is well nailed and you prime all exposed edges, especially after a field cut on any siding;
http://www.energyoutwest.org/eow_library/__past_confs/EOW_2008_Presentations/Tsongas_Damage.pdf
Depending on location warrants the permanence of the WRB;
http://web.ornl.gov/sci/roofs+walls/staff/papers/210.pdf
Be sure the product is Hardie and you store/install it correctly;
http://inspectapedia.com/exterior/Fiber_Cement_Siding_Gaps.php
Fiber cement siding; "Fiber-cement, one
of the newest entries into the field, holds great promise in
that the material can be fashioned to resemble almost any
exterior cladding, holds paint well, and is essentially im-
pervious to decay, insects, UV radiation, and fire. It is also
very dimensionally stable and resists shrinking and
swelling, cupping, warping, and splitting. Warranties run
from 30 to 50 years depending on the manufacturer and
specific configuration. It is cost-competitive with vinyl
and hardboard siding and significantly less expensive than
premium wood sidings." from pp. 19, read pp. 13-19 also; http://media.wiley.com/product_data/excerpt/61/04716483/0471648361-66.pdf
Gary