No doubt, others will vehemently disagree with the foregoing, and recommend OSB because it is a whole $40 cheaper (who cares?). It is not made to withstand much moisture and will swell, flake and turn into cardboard mush if it gets surface water on it.
If you've got standing water on your layout than you got bigger issues than crumbly OSB on your hands, just saying.
As an aside, a "whole $40" might not seem like a lot of money to some but IT IS , couple this with buying multiple sheets and it can get real expensive real fast. If there was truly a big for real problem with cheaper plywoods or particle board or OSB there would be hundreds of folks chiming in against its use and not just the handful we see. I'd be willing to wager that most of us who go the "cheap" route are perfectly happy with and have no issues with our layouts.
I don't see the reason to complicate things for the newbies here or worse terrorize them with urban legends about how the layout will warp, crumble and fall apart if you look at it crooked if not built to these particular standards. I don't ever recall seeing anyone do an exhaustive test of various materials and techniques and posting the results for us it's all been at best anecdotal (including mine) but still don't see too many having these issues.
The last layout I built used pine, OSB,1/4" lauan, 1x2 furring strips, 2x3s and 2x4s, drywall screws (yes even these have their detractors in here) for major structural components and not only could you park a tank on it when I took it down I had to destroy it to take it apart and the base unit of it 3/4" OSB top 2x4 framing and all is still in the basement and shows no signs of warping, sagging or crumbling and my basement has flooded twice 6" and 2" respectively. In fact the only damage it has sustained over the last 2 years is my cats sharpen their claws on the Homasote that is glued to it.
I thought this was supposed to be fun, we're playing with toy trains for crying out loud not making windows for the space shuttle, stop making people think they have to over think, over engineer and over spend to do this.
I think the Whiskey Tribe motto applies here:
The best whiskey to drink is the one you like, the best way to drink it is how you like to.
Jerry