I have seen that on some houses. I have seen both face nailed and blind nailed type installation. It's a pretty common product in our area. The main issue is the nailing to close to the butt edge's, or, over nailing the siding. Even though it is a cement based product, it still expands and contracts with the weather. Depending on the age of the home, the butt edges will either be caulked or flashed. The last picture you posted, I believe, is called pinning, which is used with blind nailed installs.