Re: what's the fender wood levels
A max of 5 pieces is pretty cheap of Fender to do. Alder and Ash are very inexpensive woods on the wholesale market. The last time I looked, they were less than $3 a board foot for a small time buyer like me. There are 4 board feet in a standard body blank, so that's a whopping $12. From the US suppliers, there isn't normally an upcharge based on width within reason, obviously a super-wide tree might get sold off for a specialty use, but the only real issue is that there's just less boards available as you get wider (depending on the type of tree and how wide they normally grow). At 5 piece or even 4-piece bodies, you're getting down to maybe 3" and 4" wide boards. There might be some small cost savings there. The real savings are on the lower grade woods (knots, streaks, cracks). I guess the bean counters at Fender figure "hey, we saved a buck or two on each guitar and we'll save $_____ total on all the guitars we build" and of course, it's a solid color finish, so who's ever going to know. Still, though, on a $1,000 American Strat, I'd be happy to spend a few dollars (literally) more to have 2 or 3 piece bodies standard.
On the Asian-made (excluding Japan, who seem to use quality wood), you may get a species that looks similar to a common wood like Mahogany, Ash, or Alder, or you get the Asian-variety of that tree (not that there's anything wrong with that). The real issue is the lack of quality control sometimes. I've had Korean Epiphones with knots in the body or cracks on the end that have been filled. Now, on the Chinese Epi's, they put a veneer on the front and back of the body woods. Fender even does that. I had a Candy Apple Red American Strat from the 90's with the finish worn off part of the top. It had a Alder veneer over Poplar (cheaper wood similar to Alder). It sounded great, but I did always wonder what ugly or knotty piece of Poplar might have been underneath.