I know that laminated wood, (also known as Pakkawood, Staminawood, Dymondwood, and more), was very popular for quite a while. Buck always seemed to offer it in classy forms, it still looking pretty much like wood, but with the extra toughness and durability that laminated wood offers.
I think a lot of very cheaply made knives, (in every sense of that word), were brought in from abroad that gave the laminated wood a bad reputation as being a cheap product for cheap knives. Of course not all imports, (and domestically made knives),
made with laminated wood, were/are inferior. But, enough of them were, and they helped in a big way in killing the roll that laminated wood was on.
Buck continued using it, but again, they always offered it in a way that represented well. Like a poster above stated, it looked so much like wood, that he didn't know it wasn't all natural until he read about it.
I don't see the laminated wood on knives being used anywhere to the levels it once was, at least not with the quality names in the industry.
All that said... whether you like it or not, a good laminated wood product is a very stable and durable knife handle/scale material
I do prefer a real natural quality wood, and not only for it's natural aesthetics, but also because I like the old school'ness of it.
Dymondwood may be one of the last makers of this knife scale laminated wood. I think the previous Buck supplier of the laminated wood product, had a fire or something, and I think it put them out of business.
For some of Buck's knives, like the 119 Special & 120 General, the laminated wood is likely to stay for the foreseeable future. The phenolic handles are nice, but if someone wants one with a wood-look, the laminated wood is probably the only way to go. The way these knives are assembled, a natural wood may simply not be anywhere as structurally tough as the laminated type, so their designs almost demand the laminated product.