I built a stand out of MDF in 2001, it has been moved a dozen times and now my friend has it. Still going strong holding the same 55g. I painted it with spray paint but that's it. The top was double layered of 1/2" or 3/4" so at least 1" thick. I think it was 3/4" though. Single layer sides and bottom. It has 3 small supports in the center area as well. The front is skinned with some very thin plywood type stuff. I had myself and 3 other people jump on it, didn't budge so I called it good. I am sure it's had water on it but if you wipe it up quick any damage is negligable.
Also I have a sheet of 3/4" MDF sitting on a night stand under a 29g, used to support a 50g hex as well. It's had water spilled ALL over it. I wipe it up sometimes. Most of the time I just let the little sheet of carpet I have sitting on top of it soak it up...
The wood hasn't desinigrated or degraded to a point where it's unusable or anything even remotely close. It has a few bubble type spots where you can tell some water was absorbed but it's just a slight rasied area. Nothing more.
No hear say, no I read it on the net, no oh I think this would happen...
Just real world experience. MDF is not *that* bad. Some of you act like it's paper mache.