Why Veneer?

Particle board and Medium Density Fibreboard (MDF) have better and more controlled (i.e., consistent) damping than regular wood and are a whole lot cheaper, especially in the larger thicknesses common in high end speakers. It's also much easier to change the visual appearance with veneer, the basic structure is the same, just the last 1/32" is different. I'm sure the speaker would sound much different if made entirely of Oak versus Cherry. Also, the more exotic woods are frightfully expensive and in such short supply that they almost have to be used in veneer form.

Some quality manufacturers do use REAL hardwood panels, but matching, curing, and fabrication is much more costly than veneer covered particleboard. Some cheapos even use Formica or (shudder) vinyl contact paper as a covering for the particleboard. The high quality Peak InCognito that I currently own (and LOVE) go to the other extreme: cabinets are constructed of 1.5" HDF (not MDF!), which is then covered by 1" genuine wood panels (cherry or oak, as well as other choices). Thus, the cabinets are 2.5" thick, with internal bracing, too! Obviously, cabinet resonance is non-existent. These speakers are quite heavy, as well. Look for a very positive review of these gems in Stereophile in the next month or two.

The use of real wood is actually a bad idea as wood never dies. Wood is constantly moving with climate changes it absorbs moisture and the dries causing it to expand and contract. There in lies the problem, it causes the surface to develope 'checks' and cracks and offers an inconsistancy in resonance and vibration control. MDF has proven to be the best as it can be face glued to any thickness then machined and contoured easily as it has no grain. Veneer is a great exterior cover as it is thin enough to move with no difficulty and to easily be book matched. So in summary, the use of solid wood offers no advantage where the veneer covered MDF or particla board in cheaper speakers is better for long term stability of the cabinet.

Thanks for all the replys.
I was hoping there was some benefit from that. I would hate to think a company that produces $10,000 speakers was just cutting corners! :)

MDF is more dimensionally stable, more uniform, stiffer, and better damped.

On top of that, it machines better and is a lot less expensive.

Void-free birch plywood is a good choice for braces and sub-woofer enclosures (it's even stiffer, and in a sub-woofer the resonances will be above the frequencies of interest).