Pau Ferro is harder than rosewood, in my experience, and can be finished to a smoother playing surface. With Danish oil or similar you can get some nice 3D effect in the figuring. It can't easily be stained darker (it gets redder, if anything) and can't be ebonized with ferric acetate.
I like the feel of it, but it doesn't look right on vintage Fender designs. Especially next to mint pickguards, parchment plastics etc; the instruments end up looking sickly.