The "new" Abelo hives currently on sale do not have a rebate (apart from the roof/crownboard interface), and some people have found them to let water in via the smooth plastic meeting faces of the boxes (the Abelo website acknowledges this problem so it clearly exists). Abelo have cut grooves into the frame runners to let moisture run out, so perhaps not an issue anymore.
Yes, it is compatible with wood.
The "new new" Abelo hive which will be released this spring has rebates on all boxes, so no leaking, but also has room for 12 frames, and will thus not be compatible with wood I guess. And some people really hate rebates given the bee-mushing potential of them. Interesting concept!