spanish cedar (also known as cedro rosa or mahogany cedar) is used by a lot of brands and luthiers here in brazil as a mahogany cheap alternative
quality really varies a lot... some cheap brands like Tagima use quite bad sounding cedar
back in the 70's and up to early 90's, Giannini made some funky Fender and Gibson versions with really good cedro rosa cuts
they also had a Fender licensed line (Fender Southern Cross series) of strats and jazz basses that sounded better (in my opinion) than the real deals that were made of alder, and they still sell for really cheap
I've seen good luthiers that make les paul copies with both brazilian mahogany (same as honduras) and "spanish" cedar, sometimes with mahogany neck and cedar body as a lighter weight substitute
I don't have much personal experience with cedar guitars (I had a span cedar body Fender Jazz Bass), but I have the impression that it sounds even middier than mahogany, which can be too much for some body types, like SGs
I've read some guys on specialized les paul forums that swear they had 50's les pauls analyzed and found different wood species, from 'honduras' (usually south american) mahogany, african khaya mahogany, african sapele mahogany to south american 'spanish' cedar