I've built a couple mahogony body instruments, including my fretless 5 string. It is great wood to work with and can be extremely beautiful. I finished my fretless in "Gibson Red" staining the body black first, sanding out the black except for what stayed in the grain and then stained Gibson red, and finished in nitro.
The pic looks too bright due to the conditions when photographing it. It is deep and rich in person. The mahagony had a long, sweeping grain. I cut an Explorer body from the same piece of mahagony.