i picked up an alhambra 5p spruce top this year. it's nice.
just as a project then, i took the yamaha cg151c cedar that i "outgrew," dropped a handmade bone saddle in it and replaced the tuning machines with ones i got on ebay and it pretty much sounds and plays like a $750-1,000 instrument.
i'd like to add that this past week while on vacation up in Cape Cod i got a chance to play a 1960-something Guild hollow body electric guitar... sounded and played like homemade cookies taste 5 minutes out of the oven... that is to say, it was exquisite.
the body was very much like this but the finish was a very natural blonde....