Best a uickest way to a Makeover is to Paint it white n the door Cherry , As restoring it to the Original Cedar will be a expensive affair .

Your home has really weathered and it has done so unevenly. The gray part will have a more open grain and where it's the lighter brown at the top which has been protected by the roof will have a tighter grain. I mention this because the difference in grain will show the stain differently. Oil based stain will really show this, acrylic will too but not as severely. Due to the age and condition, I suggest using a semi solid stain. It has the pigment needed for what is know as hiding power, yet will still show the wood surface. I do not care for solid stain on a house because it completely covers the wood and you can not see the wood's characteristics. It looks like a painted house.
There are many quality house stains. I like Cabot. First you will need to clean your wood. I can't see exactly what the issues are but Cabot's problem solver wood brightener product #8003 should work. A combination of power washing and stiff bristle brush is the way to go. You may need to do some sanding afterwards to remove loose wood fibers.
I know your question was about a color for the deck, as you wish to restore the body to natural.
I think you may be beyond that point for my reasons stated above. I suggest you hire a house painter/stainer to come just to give you an opinion on what is best. If you have to stain it, as I believe, then use Cabot's #1100 series, semi solid acrylic stain.
For either result of the body, for the deck use #1800 line, solid acrylic deck stain.
And to finally answer your original question, you can have a very high contrast in colors, I think that would look best. The trim dark and the decking and railing even darker. Not the exact same color but similar as in from the same family.

You are going to need a lot of patience to correct your issues here. Cabot's wood brightener is a good start and a whole lot of scrubbing with the brush. If you revert to blasting away with the power washer (15-20 degree) tip at close range you're going to add to your problems leaving you with a "peach fuzz" surface. I have some serious concerns that you won't be able to restore your cedar to a level to go with a clear finish, but it will definitely improve the appearance that a semi-transparent stain will finish if off nicely and still allow the wood to show through......good luck, it may take you 2-3 washings to get where you need.

As Thomas said, you will probably need 2 or so washings. Due to the weathering you will already have some "peach fuzz" loose wood fiber. Power washing can really wreak havoc on wood and chew your wood up where youll wish your only problem was peach fuzz. Never use a pencil nozzle. Fan nozzles are bad too, mainly from operator error. A rotating (rotary) nozzle is best. The main cleaning will come from the wood brightener and scrubbing. Think of your power washer as a super effective hose; it is not meant to do the cleaning alone.

Cedar siding is lovely since it's naturally bug resistant. There are a couple of things to keep in mind. How to treat it changes every couple of years, and no two houses are EVER alike. In fact, no two boards are ever the same, since they are slow-growth trees. This means that they age differently, and will take stain differently. I would steer clear of colorized stains, as that will lock the house into one particular look (and impact resale value); not to mention hide the gorgeous quality of the wood.

There are many that just can't wrap their head around cedar siding and cover it with "low-maintenance" vinyl siding. This is a crime, in my humble opinion and the epitome of lazy home-ownership. Vinyl siding covering siding beneath is like covering a hole in the floor of the livingroom. Some day, you never know when, someone's gonna fall through it. Better to know what you have and take care of it.

Were stainless steel nails used? If not, you'll have staining down the side of the house to contend with.

I don't see it from your photos, but if there are any gray areas on the siding, you have mold to contend with prior to staining.

I didn't catch, but how old is it and when was the last time it was cleaned? If you plan on doing this yourself, be careful. I would use no more than 1100 – 1200 PSI, and no closer than 12” to the wood. You can rent these at various hardware stores and equipment rental shops. Be careful not to damage the siding as you clean, since it is a soft wood. If there is mold, you'll need to use a mixture of a cleaning agent. Talk to the folks at the hardware store. The normal process is to presoak with bleach and then use the cleaning agent with a garden hose.

Only then are you ready to stain. Now, the true purpose of staining the cedar isn't for color, but to seal the pores of the wood. You can apply by natural bristles, rollers or air compressor. There are four color levels: clear (nothing is truly clear), semi-transparent, semi-solid, and solid (none of the wood grain shows). I personally like semi-transparent.

One gallon will cover every 100-200 sq ft of wood surface. Keep in mind that applying stain, since it is to seal the pores, isn't like painting. If you start having to wipe excess, it's time to stop. Read and follow all the instructions, and if there's any rain in the forecast, wait before starting the project.

Don't neglect your deck in this process. Make sure you know what it is made of, when it was built, last maintained, and how to clean and prep it. You can choose the same, or a complimentary stain color to what you do with the cedar siding.

Now, as to what I'd use. I happen to like Benjamin Moore. Here's a link to their page for stains. http://www.benjaminmoore.com/en-us/for-your-home/exterior-stains. It has a find projects, certified contractor and how to videos. Here's a link to their colors: http://media.benjaminmoore.com/WebServices/dev/bm_stain/pdf/ArborcoatColorCard_chip_spread.pdf

Personally, I like the warmer hues of cedar when fresh cut. You won't be able to capture that entirely, but bringing it back there is always pleasant to the eye.

I like the semi-transparent "natural cedartone." The product page also has suggested tools. http://www.benjaminmoore.com/en-us/for-your-home/paint-products/benjamin-moore-premium-exterior-stain/328#piSheen=328&advs=0&tab=2

Good luck and post your after pictures please!

I would leave the siding as it is and add large (5") white trim around the windows, fascia and corners. It's low maintenance and the grey will look neat against the white trim.
Simple 1 X 6 pine board is perfect.

Thank you for the advice. It has been really helpful! We just bought the foreclosed property in March and saw so much potential. I don't know alot about the house other than it was built in 1984. It's just a shame that the previous owners let it get so bad. After reading through everyone's advice, I think we will start with a good cleaning, pressure washing, and some wood brightener. We will decide on the stain colors later, but I'm leaning toward the Natural Cedar and brown trim, like in picture Nancy attached. I will probably go with Cabot's semi-transparent acrylic stain. I like Benjamin Moore, but I don't like the fact that it is a 2 coat process, which means taking 2 times longer to apply. I can't wait to see the final outcome! It will be alot of hard work, but I will post pictures when and if we ever get it finished!

How did your project turn out? I'd love to see some photos!

We are finally ready to start the remodel. The house had some other issues we had to fix first. We have decided to do a board and batton siding, but I am having trouble deciding on a color. I have photoshopped some of my top choices. I am leaning towards the silver moss. What do you think?