The Canadian wood design manual lists OSB and plywood as equivalent for shearwall strength. I imagine there must be a fair amount of research to back it up.
Coming from the wet coast, i think building envelope issues have been more or less sorted in the past 10 years where it is reasonable to assume that your wall will stay mostly dry - at least not saturated for a long time, where rot would start to be an issue. And buildings that begin to rot are usually addressed within a few years.
One thing that still bothers me about OSB shearwalls though, is I am unsure how nth cycles of wetting and drying would affect the integrity of the panels, even if the OSB doesnt stay wet long enough to rot. Also there is the issue of the OSB getting wet during the construction - OSB swells and the nail head will partially puncture the panel.