The steam-bending is the only hard part really. And even that isn't too bad. Ya just use a tea-kettle, a piece of hose, and a PVC pipe. Wood goes in the pipe, hose runs steam from the kettle to the pipe. Steam warms and moistens wood and then exits the far end of the pipe. After an hour or two, you move the steam out of the way, remove the wood, and clamp it down onto a bow shape ASAP.
Otherwise, the process is pretty much the same as that with plywood or foam. Solid wood just gives you a greater degree of control. You don't have to worry about accidentally denting your foam, or the whole mess of hardening the foam. And you don't have to fight the criss-cross grain structure of plywood, or spend so much time cleaning up those icky endgrain edges.
If you watch the How It's Made episode on making Duck Decoys, it's pretty much the same process, just imagine that the duck's head is the pistol grip of the gun.