Is Ipe another of the hardwoods that greys? I have some outdoor furniture made out of one of those, but it's not teak or ipe...
I was wondering about a composite like Trex (sp?). Our deck has held up great, but it does fade in the sun if you get a darker color. I would worry about that only as far as uneven fading goes and how that would look. Right now it's a nonskid white (the carpet is definitely out of there - it's nasty!). I could paint it a more pleasing light color with Durabak or something, which would definitely be easier...
The voice of the sea speaks to the soul.