Do you have a link to the page on Cabela's site showing this price? The cheapest I can find is $950.
I have a HB 1197 and an 80# 24v Terrova w/ iPilot. If you made me give up one or the other, I'd fight you for the Terrova. SI's a good tool, but I could find plenty of fish before getting it. My previous motor had co-pilot, but after getting the Terrova/iP it became much easier to work the fish and my catch increased.
Another noticeable improvement was trips to the repair shop. Before the Terrova, my TMs made quite a few trips & my repairman kept pushing me to step up to a heavy duty 24v or 36v motor. As usual, his advice was spot-on. Sunday was the Terrova's 156th fishing trip and it hasn't been down for repair once!
It may seem like a small issue, but the shaft design of the PD2 forces you to make a loose attachment of your transducer cable (assuming you keep your working DF up front.) The Terrova's shaft has a slot that allows you to attach the cable securely (with some type of adhesive.) By keeping the cable stuck to the shaft, it can't wrap round-and-round until the wire breaks.
While we're on the topic of DFs, be warned that US2 only works with certain types of DFs and you'll need to shell out extra $$ for an adapter cable. Most notably, US2 does not support any unit with SI. If SI's in your future plans, skip the US2 feature if you can.
Anyone who longlines will LOVE the iPilot's 2 autopilot features (original and "advanced"), cruise control, and track record/playback. These features give you the equivalent of a clone who does nothing but run your boat! Spot Lock has been discussed in this forum extensively. The MK promos make Spot Lock look like a panacea, but users have mixed results. Those who specialize in jigging BPs are disappointed with the amount of drift--an inherent limitation of any GPS-enabled device. Those of us who drift corks, spider rig, or otherwise present a pattern of baits, find Spot Lock to be extremely helpful until the wind kicks up.
If you can find a clearance price on a 2011 model Terrova/iP, grab it. The "new & improved" version offers very little additional value at a higher price. Given the Terrova's toughness, I'd even consider buying a lightly used motor from someone who can't live without the "new" model or wants to step up from 24v to 36v. Unless the used motor is damaged, it should provide many many trouble free trips for years to come.

