Paul,
If your are talking vynil, I wouldn't go there. Most of the Vynil boards I have worked with are hollow with stringers in them. This would create a problem of fastening to the trailer. If you are talking the composite boards, I don't think the support would be there that you would need for trailering. Granted they would out live the regular old wood boards by far.
Tim-I agree about the load support, but it also depends on the Manufacturer of the vynil. We used Brock products and they said we could put supports up to 36" on decks, but they reccomended 24" for "optimum performance".
I would just stick to the PT wood. It has worked for years. I think if there was a better option someone would have come up with it by now, and they would be using it on all the trailers now a days. Surely they wouldn't have overlooked something like that.
Tim