It really depends on the laminate used. There are high quality laminates, with all layers being hardwood, that can make very good guitars. There are poor quality laminates in which the inner layers are made of something other than solid hardwoods, and they can, and have, sounded awful. There are some "legendary" guitars that have always been made with laminates (the backs and sides of the original Selmer "gypsy jazz" guitars are laminates), and there are even currently made laminated guitars with a good reputation (Godiin's Seagull, Norman, and Art&Lutherie series guitars); they do use the high quality laminates, though, so they aren't as cheap as the guitars using the lower quality laminates.
The Godin laminates are two outer layers of wild cherry, with an inner layer of poplar. For their thickness, I'd be willing to bet that these laminates are more reflective than any solid tonewood, being that the layers are all cross grain, so there is no flexing, and there is no damping. either. What laminates do not do is have a "personality", in other words, the coloring of the sound that allows us to differentiate a mahogany guitar from a rosewood guitar.
Kostas