Plywood trumps most if not all tonewoods for rigidity and stability, it just falls down on three counts - aesthetics for most people, weight and cost - using cheap materials undermines pricing strategies.
I have two plywood guitars, they both have several faults but none of them are plywood related, rather to other budget aspects of their designs. I also have a blockboard bass which is very nice, thank you.
And if this sort of thing is superior to a single piece of wood, surely even more plies would be even more superiorer...