I think its a sweet deal. Heck if the rod turned out to be crappy, Cabelas will take it back no problem. If its only a decent rod then you get a nice reel for an upgrade later. Either way 149 to your door ready for a leader is pretty good, given the great warranty and return policies they offer.
It would be nice if there were more reviews. And what the action was like. That 4wt 8foot 6 looks nice. If I didn't already have two 4wts, ahh... you know