I have been called to task on this question many times so I have spent MANY hours researching this on the WEB. This is a Direct Quote from the APA (American Plywood Association)
"
What is Marine-grade plywood?
Marine-grade plywood is a specially designed panel made entirely of Douglas-fir or Western Larch. The grade of all plies of veneer is B or better, which means it may have knots, but no knotholes. The panels are sanded on both faces, and are also available with Medium Density Overlay (MDO) or High Density Overlay (HDO) faces. The maximum core-gap size permitted is 1/8 inch. Its exposure durability rating is EXTERIOR and the glue used is a fully waterproof structural adhesive. It is considered a ?premium? panel grade for use in situations where these characteristics are required, i.e., for boat hulls and other marine applications where bending is involved.
Marine-grade plywood is available in 4x8-foot sheets of 1/4, 3/8, 1/2, 5/8 and 3/4-inch thickness. Sheets up to 5x12 feet are also available. Available grades are A-A, A-B, B-B (face-back), MDO and HDO.
Marine-grade plywood is not treated with any chemicals to enhance its resistance to decay. If decay is a concern, it should be pressure-preservative treated to an appropriate standard."
There are an OVERWHELMING number of articles that state the following.
[SIZE=-1]Marine grade plywood is built to much higher specifications than exterior grade. The veneers are more carefully selected for marine grade to minimise interior voids and veneer repairs during manufacture. Both types are glued with resorcinol adhesive, which gives them the characteristic dark glue line. More care is taken in the assembly and gluing of marine plywood boards. The British Standard Specification for marine plywood is BSS 1088.[/SIZE]
[SIZE=-1]It is normal to see some voids in the inner veneers if you inspect the edges of an exterior grade board. There should be no edge voids visible in a marine grade board.[/SIZE]
[SIZE=-1]Marine plywood cannot be made from anything other than resorcinol adhesive because it has the best adhesion properties to wet wood. If your plywood does not have dark resorcinol glue lines then it is not marine grade. However, remember that exterior grade also has the dark glue lines.[/SIZE]
So Based on my Research I would have to say that the Glue used in Exterior Ply, Marine Ply, MDO and HDO is all the Same. Number of Plys, Quality of Wood, Voids are all variables. Oh, and PRICE.
Hope this helps With Everyones EVALUATION!!!!!
I'm just sayin...