They switched for cost concerns. In contrast with other posters that commented, I think it was an unfortunate move, as I do not think sapele (suh-pell-ee) is remotely comparable to swietenia, or true mahogany.
That does not mean it is not a good tone wood (it is), but I do not like it, and I think it is disingenuous to say it is comparable - that is a marketing ploy. For so much time we all spend analyzing the minutia of guitars and guitar-building, folks just fold to the big builders' supposition that sapele = mahogany. I do not get it. It is a different tone wood with its own general tone signature. I think, if any comparison is necessary, it sounds tremendously like maple.
Neither sapele nor khaya are mahognay (no matter what wiki tells you) - they are different genera from swietenia. I think khaya is closer in tone and look, so I commend Larrivee for that, but it is still unfortunate. I do think honduran/cuban mahoganies will swing back, as they grow faster than brazilian rosewood.
Oddly I think the SP may have stood for "special" - a test run before switching the -03's to sapele/doorpanelling. (sorry - my opinion of the tone wood)
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