Can you weigh in on the pros and cons of wrapping fascia in aluminum/maintenance free material vs. replacing fascia?

We are replacing siding and have met with some companies that recommend wrapping our 1956 fascia and say it is fine to do, and other companies have recommended replacing it. There's certainly a cost difference, but seems just a few thousand. We prefer the look of LP smartside for siding (if that makes a difference). Our second choice would be Hardieboard.

Can someone provide data that show that wrapping is just a fine option? We plan to be in the home for 10-20 years.