My experience with cherry wood is basically blackpowder rifles (only made one conventional riflestock from this wood).
Cherry tends to be very easy to work and just as strong (if not stronger) than walnut. It does not typically have as much figure (there are a few exceptions...although rare) as walnut, but has a very pleasing color. It is easily dense enough to hold carving, and certainly checkering.
The idea of board sawing cherry is right (with the exception of those RARE pieces with exceptional grain). It seldom gains anything by quarter sawing.
The real downside of cherry is weight. It is normally about 10-20% heavier than walnut. This isn't a problem unless you are trying to build a 6.5 pound rifle.
The bottom line is that if you are looking for a great rifle of normal to heavy weigh and want a dark, well colored stock...cherry is just fine. If you want an ultra-light rig with outstanding figure.....maybe you should look somewhere else.
