Paint Swatch Mosaic, my Chalkboard Art, and I also used it on my From Broken Dresser, to New Console Table.
Yes it is, MDF (Medium Density Fiberboard). It's hard, sturdy, Home Depot will cut it for you, and it's only $6.39 for a 1/4" 24"x48" piece. You could get a lot of smaller projects or a few large projects out of a piece that size. Although the textile looks more like cardboard, it really is wood, so you can stain it too.
I will still use canvases with the right projects, but when I can...I will use my new love, Fiberboard!