I've been looking into this and after a short time researching, I found out exactly what it is. By descriptions and diagrams I can see it's simply a Basswood or Alder Body (depending on whether its the Xi or 12) with a rectangle cut out of the body from the neck to just behind the trem, filled in with Mahogany. And then a maple top added on.
The thing that now confuses me is that I thought the Mahogany went right through to the back of of the body, so the main body was to say a U shape, with the Toneblock slotted in, and a Maple-top to cover.
Now, I've just finished off watching a video of the production of Petrucci's guitar, and it showed it being sanded by the machine from the back view of the guitar. Thing is, it shows 1 piece of wood (the same colour, style, etc) which leads me to ask, is the Toneblock actually only a thin piece of Mahogany that's slotted in between the Basswood/Alder and Maple-top, as to it going straight through to the back of the body?
Also what are the actual benifits of a toneblock?