I have made a couple of Bubinga guitars, and I will gladly use it again, with the caveat that it is properly season and processed, and passes muster in all my QC checkpoints as good tonewood.
Some Bubinga is incredibly beautiful, although as others here have mentioned, the tap tone is sometimes kind of... meh. If you pair it with a great top, and build the back to be primarily reflective, you should certainly be able to get a wonderful guitar out of it.
Here's the first Bubinga guitar I made, for Sage97 (Ernie) a few years ago. This guitar has a beautiful Redwood top on it. This is the "EPC Element" model, approximately Grand Auditorium size. If Ernie sees this thread, maybe he would like to comment on the tone of this guitar. I would actually like to hear how it has developed over the last couple of years.
Here's another Bubinga I built on spec and took to Healdsburg 2011. This is a Zephyr 00 with a Canadian Red Cedar top. Turned out to be an excellent, rich-sounding fingerstyle guitar, and when I put it on consignment at Bluedog Guitars in Vancouver, B.C., it sold pretty quickly.
I will gladly use Bubinga again (and again) if someone asks me to-- or even on spec. I have a few sets in my stash that are patiently awaiting their turn...