guess it depends on the finish. For painted wood, I like Bondo, for cars, it cures quick, and sands well, and builds up if a lot is missing.
If is antique or a veneer, you can cut the veneer in a straight line rebuild the missing wood and glue a matching piece of veneer overtop top.
lastly if its a corner, cut the corner on a diagonal, and cut the opposite corner to match
mark, May 2012