It seems to me that the biggest problem with finger jointed boards is that the different boards used to make up the longer board expand and contract at different rates due to different density and orientation to the grain. As a result, the fingers show up after a while (one board becoming thicker that the other) and when they do, the joint telegraphs through the paint and allows water to enter. It also looks odd.
Now, if I were using such boards anyway, I would reduce this problem as much as possible by priming and painting both sides of the board before installation, then painting over the nails. This would reduce the affects of changes in humidity and would mitigate some of the problem. It would also make for an long lasting paint job.
Cliff