I wouldn't put anything too terribly heavy on 1/2" MDF, but you'll probably be fine if the weight of the heavy objects is spread out over a large area of the shelf it's sitting on, or is concentrated on points near the threaded rods.
Here's mine...
My A/V receiver is a heavy beast of a thing, but it sits on 4 "feet" that are pretty close to the support of the threaded rods. If I had a 50 pound marble bust of beethoven with a 6" diameter round base, I would NOT feel comfortable putting it in the center of one of my panels (or a 1/2" MDF panel).
EDIT: oh, and as for the diameter of the rod, I'd say it depends on the height of your rack. If it's going to be 3-feet tall or less, I'd go with 3/8" rod. If it's going to be taller than that, I'd go with 1/2" rod (especially if heavy items will be placed near the top).