I agree, Ipe smells great - but be warned, if it's very dry it can splinter something fierce when you turn it - make sure your tools are scary sharp, and wear eye protection! It is very hard and very dense stuff, and takes a great polish. It's very long lasting stuff outdoors too.. turns kind of grey after a few years.
edit: it's also great for making staffs and canes out of - incredibly sturdy stuff. it's a favorite of martial artists for weapons, as it's hard (and heavy) as heck and doesn't cut very easily.