It's a very soft conifer with a lot of resin. It's similar to pine. Remember that the vast majority of acoustic tops are made from conifers. Being soft it's probably not going to be the most durable. It's also plentiful and is used to make cheap guitars - you get what you pay for IMO...
Luan is the "poor man's mahogany". Like Mahogany it is a hardwood. It comes from the Phillipines and is known for being a very poor tonewood. It's primary use is to make luan panel board which is what about 90% of houses made in the late 60's and early 70's (in the USA) used for wall material.
Pics of my stuff are available here:
"I'm not usually a praying man but-Save me Superman!"
"I think I brained my damage."
"O.K. brain, I don't like you and you don't like me. Let's just get this over with and I'll go back to killing you with beer."