Hi Clark, sometimes I post a perspective in attempts to spur debate. This is one. A bit of background, in part, I try to use a minimalist approach to my framing style, from simple tools to simple joinery and in regards to sealing timber I skip it, it saves a step in labor and material. I have used it in the past and find I enjoy working without it. I suppose it would depend on the style of work and or the job at hand.
For exterior work I would use cedar, tamarack or locust if available with the sapwood removed to avoid as much rot as possible, it all returns eventually.