DW833,
Here are a couple of sites that discuss what can be expected from various grades of hardwood plywood. These seem to build on the consensus grading standard ANSI/HPVA HP-1-2004, American National Standard for Hardwood and Decorative Plywood. The complete consensus standard is available for purchase from the Hardwood Plywood & Veneer Association, Reston, VA.
http://www.columbiaforestproducts.com/library/reference-guides/grading-guide/ansihpva-hp-1-2009-standards/
http://www.statesind.com/page/veneer-grading
Here are a couple of sites that discuss what can be expected from various grades of hardwood plywood. These seem to build on the consensus grading standard ANSI/HPVA HP-1-2004, American National Standard for Hardwood and Decorative Plywood. The complete consensus standard is available for purchase from the Hardwood Plywood & Veneer Association, Reston, VA.
http://www.columbiaforestproducts.com/library/reference-guides/grading-guide/ansihpva-hp-1-2009-standards/
http://www.statesind.com/page/veneer-grading