Generally speaking, cedar is recommended over pine (at least in damp applications), as it weathers far better. In fact in our area, cedar is regularly used instead of pressure treated or all weather wood. That being said, pine will certainly work as well, though you will have to really be on the ball with maintenance (staining/sealing or painting).

Furring strips are a good idea, as they provide a nice drainage plane.

You don't need a dedicated moisture barrier (such as poly) for a Polyurethane SIP, but as far as the house wrap goes...Tvyek and Typar are two very good choices.

Ratman,
Take a look at Nichiha siding (www.nichiha.com).  I haven't used this product but it is similar to Hardi.  It may work for your project.

Dan

You can use Hardi or any fiber cement product - it's a fine product. But like everything it has its challenges. Fibercement does not "wear well" on the jobsite - if you whack a panel with a hammer or simply drop it on its corner it may well break. 5/16" is standard thickness and it can be fairly brittle when not supported by the foam core or a header plate or other embedded framing. The flange extended at the bottom void of the panel (for setting on base plate) is particularly susceptible for breakage. Again, it's a good product, but care must be taken in installation.

If you are averse to standard OSB you could also ask them to apply Huber's ZIP System or LP SmartSide. ZIP will help the housewrap issue or you can go with the LP SmartSide product which is essentially similar to Hardi in form/fit/function except it is an engineered wood product and wears much more easily on the jobsite than fibercement. It comes to the site pre-treated with borates for termites/insects as well as wearing a coat of exterior latex primer - again assisting with rapid dry-ins. With this product, however, and with any SIP product employing a finished siding, care must be taken with all flashings. While some people have reservations regarding panels like this (pre-finished siding) - and it's great to be critical and ask questions - tilt wall construction has been done for many many years in the commercial market, just not as often in the residential. Your crew will need to be sure of what they are doing with special emphasis on flashing. Could not recommend it with EPS sips, but PUR should be just fine. Hopefully Thermocore offers a variety of siding options.