I've seen Warwick basses made out of Ovangkol, and Taylor use it for the backs & sides of their 400 series acoustics (I think, and there's some Taylor "replica" acoustics that use it as well).
I think it is supposed to be very closely related to rosewood, both species-wise and tonewise, but it is a much lighter coloured wood, with dark stripes, so if you do decide to use some, it may well need staining.