Body wood(s):
Mahogany back, Maple top
PRS cut a ton of corners on the S2 line... But the corners cut are easily replaced, such as pickups, trem, tuners, and pots. Some of the construction methods are different, but the feel of the guitar is exactly what you would expect from all USA made Paul Reed Smith guitars. I only felt the need to replace the pickups. It is a good-sounding guitar.
I think the quality of the build is better than equally priced offerings from other US companies, such as Gibson, who put great parts on their guitars, but they often don't play as well as their higher range guitars.