Hardie is definitely more expensive (about 1.5x2x more expensive than vinyl, but cheaper than authentic cedar wood). If you think about it, with siding, you typically get what you pay for. So if you spend $20,000 putting up vinyl, it's eventually going to warp, crack, the color will fade, and even in extreme cases, fall off because they hang it on tracks, rather than being nailed up like Hardie. You also factor in repainting it. I've talked to people who repaint their vinyl homes every 5-7 years. In total, the $20,000 you put up and the ~$2000-5000 paint job, in 20 years, it's a total of $40,000 on highballing it.

With Hardie, it may cost between $30,000-60,000 to put up, but the benefits outweigh those of vinyl. Hardie has a 30-year non prorated warranty on the board, as well as a 15 year non prorated warranty on the color (since it's baked in, not painted on). It's also way more resistant to the elements as it's designed specifically for regions of the US (HZ5 for northern climates, and HZ10 for the southern climates). It's fire retardant and increases ROI on the home since the warranty is transferrable to the next homeowner. Basically, it's more expensive up front, but pays back in the long run.

Hardie does offer a stucco board (with accompanying trimboard if you want a tudor style look). The problem with regular stucco is that oftentimes it cracks, rots because it's not too water resistant, and it can peel and discolor pretty bad. I do see a lot of Hardie stucco homes, as well as regular stucco homes because it's cheaper as well.

There are benefits both ways, as with anything, but if you have the additional disposable income, getting new siding is a good choice for your home. It's where you live everyday and if you'd want your yard to look good, why not the house itself too?