Trex is a great alternative, stick with the lighter colors though (heat).
Wolmanized no longer has the arsenic and other poisons in it, but it's a maintenance nightmare, especially with chlorine nearby - matter of fact, anything wood will be a nightmare, cedar will give you nice fine splinters in your feet with time, don't ever pressure wash it since you will actually ruin it's resistance to the elements.
Another problem with cedar is that 90% of it no longer contains the resins that used to let it last so long, the problem there is that cedar does not develop the resin until the tree is approximately 50 years old, logging companies don't wait for trees to get 50 years old anymore and thus most cedar available today is worse than wolmanized when it comes to standing up to the elements.
In my opinion, wolmanized substructure with Trex decking and trim is the way to go, for railings, there are many nice aluminum systems readily available that are not nearly as bulky as your typical wood railing.
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