Well Hamm it seems as if no one else will bite on this so here I goes
Body Binding, is a strip of plastic or other material that is laid in a channel cut into the edge of the body, kind of protective and kind of decorative, look at a Les Paul standard,
Head&Neck Binding, the same deal just going down the neck, around the headstock and back again, look at a Les Paul Custom, fancy!
Body Scalloping, their's a few different types of this, on the back of the guitar around the neck joint a scallop is cut into the guitar to allow better hand position so you can get to the higher frets, may include something known as a belly cut, look at the back of a Fender Strat for an example of a belly cut
Fret Scallops, really means a scalloped fretboard, the wood between the frets is removed and reshaped so instead of being flat you have a concave depression, this is a must for all authentic shredders, see Yngwie J. Malmsteen's guitar
Phenolic Nut, fancy way of saying it ain't brass, bone or steel, but somebodies version of plastic, sometimes good, sometimes bad, really a kind of generic term
Oil vs Paint, I assume you are wondering about the Oil, it's often called Tung Oil, which really is a mixture of tung oil and thinned varnish, not a very shiny or protective finish, but it looks great on some woods, koa, walnut, bubinga, I'm not a fan of it but it is some times used on mahoghany, but hey it does look great on Koa
Active Electronics, can mean just active pick-ups (EMGs) or it can include passive p/u's with active components added, pre-amps, mid boost, effects, laser gun, turn signals, ciggarette lighter, well maybe not all that but some of it, just keep a screwdriver and a 9 volt battery handy,
Hope that helps...........................
