Yeah, I don't know whether to call wood the final 5% or not, but I don't think it makes as big a difference as a lot of other things.
String gauge, for example. For a tight, full, resonant crunch, heavy strings make a huge huge difference. No one ever talks about it though.
I think my favorite wood for body is mahogany. I have some really nice sounding guitars in mahagony, both with and without a maple top. My LP that is all mahogany has a little more of a muted tone than my Schecter with a maple cap. The Schecter has a tighter crunch though.
I think finish is probably at least as important has wood. Mahogany has deeper pores than maple, so it is more resonant. Still, I purposely bought my LP to be more low, full, even muddy. That's why I got a satin matte finish on it. I like the gothic drone of the thing. It might not cut through a full band, but it'll make a wicked loud drone.
I really think that it is the thick high-gloss finish on a strat that gives it that extra pop and sparkle, much more so than the alder.
Bridge piece too makes a big difference. If you want to make your strat sound thin and muddy, pull up the trem and put a rubber washer under it. Yuck!
Still, it's not rediculous to be picky about woods. That's what separates a lot of guitars from each other. And it does affect the sound. I just wish people talked more about string gauge or bridge pieces because I might learn something.