Mike--it must decompose very slowly then, correct? Its probably the best insulator around for keeping the ground cool and moisture in. I think with mulch and compost it all boils down to what best suits a persons needs that they've learned from experience. In my situation, I depend on a summer wood chip mulch to keep roots cool and moisture in. But since I transplant, rotate and cull a lot, I need that mulch to pretty much decompose by the second and third year with slow release nitrogen in the later stages of decomposition--just in time for the next replant, etc, etc. I'm still interested in Cedar mulch for some of my more permanent lily residents in chip form only--no green. But pine is 'on hold' for now until Rick or myself can get to the bottom of the chemistry factor.
In the 'old days' in the late 1800s-1930s, sawdust was used to keep ice from melting. Ice was sawed into blocks from the town lake in winter, then covered with piles of sawdust from the nearby sawmill. My Grandfather worked at both and they were able to keep ice until the 4th of july for their kitchen wooden ice boxes back then.