The key thing I'd like to know is how was the wood used. I saw one person who proudly claimed to use wooden fence from his mother's home that had been aged xxx years. From what (little) I've learnt recently, it's ideal if, once starch has been dried and evacuated, so to speak, from the wood, there is still resin left to better "teach" the instrument.
The luthier who made my uke explained to me that, for example, many people today hunt for 20s and 30s guitars like Martins. But back then, most people only strummed open chords up near the headstock and little of the guitars capabilities were explored. As you play, the vibrations of the note(s) excite different parts of the soundboard/top. As it vibrates, it causes heat (albeit very little). If you only use a limited part of the musical spectrum, only part of the uke's top gets "taught". So when people buy these old Martins, they find that they don't sound nearly as good as they'd expected, often because of this reason.
By being this old, it can still somewhat be "taught" by playing a richer array of notes, but the wood is now set in a number of ways.
Just as I'm playing my brand new ukulele, sometimes when I play certain notes the smell of freshly cut wood comes out of it and I get a whiff... he explained that those are parts of the instrument that haven't been accessed much. Muscles it's not used yet, as it were.
If the wood is super dry and the resin's already fully crystallized, it will give the instrument a set character of sorts.
I'm not sure I explained this well, and I'm going by what I've been told by three people (who all had the same explanation). Either this will help or someone more knowledgeable will come out, correct me and we'll be all the wiser for it!