back to square one then though Jasper - an uncoated/unprotected porous mortar.
i think the comparison people are making is that smooth sand and cement (always painted) holds the weather off better.
another point - cost aint that far off at all coloured mono is only tad more overall because the labour time is alot less (one coat done, no scratch coat)
and your right no exterior finish is maintenance FREE, people have got in their heads wrong - none of the products I use are advertised as this but LOW maintenance, in fact most manufacturers will tell you monocouche is definitely not maintenance free and is the economical solution to coloured render. most would much rather plug an anti crack system with a silicone finish = more money