I've done a little stucco myself, plus I've done a bit of research on stucco, and other masonry exteriors, and basically they had this to say:
* Always always provide an air gap for water to get back out. Water is pulled in toward the house by thermodynamics and the nature of water + sponge-like masonry materials. It should have a way to drain at the bottom (all across it).
* Wrap the house not once, but twice. in fact, if the air gap is an issue wiht stucco, the best solution is to wrap it 3! times which will ineherently give the water a place to go, besides into your framing.
* Stucco base coats need to be applied in decreasing temperatures. Its okay to apply after noon, but not in the morning in the summer. It will dry out vs. set and it will crack crack crack.
* Its a good idea to mist stucco and other masonry the day after, and even more frequently if it is hot out. A pressure washer at a good distance works great.
I found that refreshing the color of stucco is one of the easiest things I've ever encountered. A quick pressure wash to get the dirt off, and then applying a color "tea" made by mixing a few cups of the powder with water in a bucket and pouring it through old nylon socks or hosiery into a pump sprayer. Its not paint and its very easy to clean up if you don't let it set. I didn't mask anything when I re-whittened out house.
I've heard stucco has a bad name here in the pacific north-west, but I think it is mostly a lack of familiarity and expertise on the part of the contractors. It might get dirty/moss/algae quicker than paint, but its a **** of a lot easier to refresh. As long as you never paint it, additional coats of stucco or color coat will bond quite nicely to the original. Cracks are easily patched.
Hope some of that helps.