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.
