I just wanted to show off my silly invention... oh how I wish the wood supply was infinite. Basically it's just my boat shredder hooked to a new inverted style, quick release, vertical boat dispenser. (The boats stack in a water elevator instead of in the air - boats go up instead of down.)

The boat shredder takes advantage of a trick to give back double the wood normally produced by breaking a boat. That's 6 wood and 4 sticks instead of the normal 3 wood and 2 sticks. However, about 15% of the wood and sticks produced are destroyed by the lava.

In this demonstration I burn a huge stack of 100 boats over a duration of about 2 minutes. I get 531 wood and 352 sticks from this. It costs 500 wood to build 100 boats, so that's a 31 wood and 352 stick profit (0.31 wood and 3.52 sticks per boat). That is equivalent to 51.75 logs, or harvesting about 10 trees.

Tree farms are still the best way to get wood. I just wish Notch would fix the leaves not dying issue.