The KM has great geometry. Very modern considering it's basically a 10 year old design. I'm thinking about getting a frame and fork and moving parts over from my Redline, which would either get full-time geared duty or... I dunno. I don't have much interest in riding gears for anything right now. But that can change.
Also, you can't really get a "good" SS 29er for 300 dollars. More like a serviceable one. I don't buy really expensive bike crap in general but I think there are more noticeable differences in mountain bikes as you get away from the very low end. Good wheels and brakes make a huge difference.