Doug, I have a model 305 Orlando.
Your best source for info, is the veteran guys & gals who service the work bench at any good guitar shop like McCabe's in Santa Monica, California.
The sound of the 305 I found very nice. The annular rings on the front are closely spaced. I don't think the top is made of plywood, rather solid wood (I may be mistaken). The sides and back appear well constructed.
The action has held up pretty well since I have owned it. It came in our family in the early 70's. My sister gave it to me when she got a much more expensive guitar, buy I think it sounds as good the more expensive one.
For its size it has very decent projection.
It stays in tune well with seasoned strings.
It is my learner guitar

Regards,

Joe, Los Angeles, California