Definitely steamed laminated wood, otherwise you're asking for a lot of wasted time when it breaks. The one in the photo is too plain for my taste...looks like an escapee from a childs toybox. Laminated with contrasting wood and/or carved and I'd reverse that opinion. I may try one of these myself!

For that matter, you could fashion a cantle out of laminated "tartan micarta" a la O'Neill!