That guitar, like PRS guitars, doesn't have a routed channel.
It's actually the natural wood taped off and shot with clear.
I plan on taping around the area I want the binding at then shooting clear over it.
Then I can tape off the clear coated binding and proceed with dying the top and painting the back.
This way, if you get any dye or color on the binding area, you can scrape it off without cutting into the wood and altering the shape of the edge.
I think Myka has a great pic tutorial on how he does it.
Edit: I found Myka's tut link