MDF can be treated much like a fine grained hardwood. Its high glue content means that steel cutting tools will dull VERY quickly; thus the use of carbide tools is highly recommended. Always keep your tools sharp for efficiency and safety.
The following recommendations are from the The National Particleboard Association publication:
For general shop or table saw use with decent cut and good blade life, a 50 tooth, 10 inch combination blade may be used.
For those demanding a better cut, consider a 60 tooth, 10 inch blade with alternate top bevel (ATB) teeth at 15 degrees, 10 degree positive hook, 5 degree side clearance, 10 degree outside diameter clearance, and low approach angle (blade projecting no more than 0.5 inch through top of material).
For an even smoother cut, consider an 80 tooth, 10 inch blade with 15 degree ATB, 10 degree alternate face bevel, 15 degree positive hook, and 7 degrees side clearance. This is costlier and may result in a shorter blade life.