There is no easy answer. If you paint it you will hide all the grain and characteristics of the wood that make it attractive, but it will last longer than stain.

Stain it and you will get to enjoy the veining and all the characteristics of natural wood but you will be stripping it and restaining more often than if you had painted it.

stain all the way

Speaking from experience I would do neither just a really good waterproofer it will save you hours and hours of redoing stain or paint. Powerwash each spring reapply water proofing will look like new. I have never found a stain or paint that lasts more than a year.

Never ever paint the deck! It will fail terribly. The wood is meant to breath, and cannot do so if it is coated with a latex paint. If you like the look of a solid color, or perhaps want it to match the home, use an oil based solid stain. You will be able to get any color, but it will soak in and condition the wood, while protecting it from uv rays. If you prefer to see the natural look of the wood, try a pecan colored semi-transparent. Cedar tones are typically too red or orange in my opinion. But you need something with some pigment, as that is what actually protects the wood from the sun. So steer clear of paint, acrylic based products (such as bear) or water sealers. Good Luck

And it will require maintenance, typically every 2 years on the horizontal surfaces and 4-6 on the verticals. TWP is pretty easy to maintain.

Definitely stain :)

A little different advice to some above, but if you use a stain with a mild red tint it'll neutralize the green of the pressure treated lumber.

Definitely stain. It will require cleaning and re-staining every 2 years but much nicer than dealing with paint.

Stain!