There are some woods that are actually STIFFER than phenolic. I use it in my bows, but not for stiffness. I use it because it is strong, and because it has good shock absorbtion characteristics (it doesn't transmit shock like fiberglass does, as glass is harder than phenolic).
I like the fact that it is stable to moisture and temperature, but since I have so much wood or bamboo in my bows (as do all bowyers pretty much), I still need a good finish on the bow.
IMO, it makes great protective overlays because of its shock resistent characteristics.