Designed to withstand moisture, engineered hardwood [1] can be installed below-grade (in basements, for example) without the warping and buckling common to solid hardwood flooring. However, it can't be easily refinished, although pre-finished floors [2]generally last a long time.
Links:
[1] http://www.moneypit.com/audio-q-a/laminate-vs-engineered-hardwood
[2] http://www.moneypit.com/article/prefinished-hardwood-floors-all-beauty-less-work