I have a couple "Luan" MIJ kits. I have a mid-70's CB 700 (8 ply/no re-rings) and a late 60's Black Jack (3 ply with re-rings). I like the sounds of both of them.
I use both for rock. I like the boom and fatness of the sound overall. I use Coated Ambassadors on the rack toms (top and bottom) and Coated Powerstroke 3's on the floor toms and bass drum (both heads).
I did have the bearing edges professionally re-cut to a double 45 degree by Precision on both kits. They tune up WAY easier now, and stay in tune. I gave the Black Jack's 3 thin coats of satin finish polyurethane on the inside (then 000 Steel Wool to smooth them out and take away the sheen), just to protect the wood and give them added rigidity due to their thiness. That Black Jack bass drum (14" x 20") is my favorite bass drum to play, and it sounds incredible! Super powerful yet not overbearing. The first gig I played with those, my bass player commented after the first song: "Is that your normal kit? I can really hear and feel that bass drum, it sounds great! Did you change something?"
Honestly, we can all argue for days on end about wood types, tuning, head selection etc. To me, it all comes down to what YOU like and what sounds good to YOUR ear. I've always felt that if a drum is structurally sound (not out of round or cracked, etc.), has quality heads on it and is tuned properly, it will sound good. It might not be "your" sound, but it will sound like a quality drum.
This may have been mentioned before, but C & C Custom Drums offer a Luan kit (for big money!). If they are using Luan, than it certainly can't be all bad!