I'm thinking the same thing Banzai. By the way does the Sequoia fall into that "relaxed geometry" category?

Yes. If you look at it you'll notice that the top tube has a bit of a slope to it, rather than being horizontal. Also, the handlebars in the pic are level with the saddle, maybe even just a small touch higher.

A more "aggressive" bike has the seat stays a bit higher, and a top tube with less of a slope. Also, the bars will be below the saddle.

That particular handlebar is a nice one, with the vibration damper in it and the geometry it has. Plus, it appears as if it comes with Bar Phat. Never used that myself, but I know people who swear by it.

The rear cassette is more "aggressive" gearing than the Pilot...but the front crankset is smaller (therefore easier to pedal)...so the differences there should actually be a wash in the end. Maybe even better with the Sequoia, since it will give you tigher spacing between gears on the rear.

Oh, and the stem is adjustable. Even better!

The more I read the more excited I get that I may have blindly stumbled on a great bike for myself at a great price. I've read some posts in some of the other bike forums as well and to a man (or woman) everyone raves about the Sequoia...even a few that have similar back problems. There were even some posters that were lamenting about not getting the Elite because of the price and had to settle for the baseline Sequoia instead. The 2006 baseline lists for $770.

Correction to prior post re: Sequoia specs. The specs I posted were for the 2006 Sequoia. The 2005 is virtually the same except for the following:
Chainring-52A x 42A x30S for the 2005... and 50x39x30 for the 2006
Tires-Specialized All Condition, 700x25c aramid bead for the 2005 and
Specialized All Condition, 700x25c w/Flak Jacket for the 2006.
Does any of this make a difference?

Nope. I tracked what you were saying. Also looked it up myself. I like the crank on the '06, but that's minor. If it is difficult to get up hills, you can change the rear cassette with a 12-30 or so.

I personally don't think that makes any difference, given the price. Those changes between '05 and '06 are VERY minor.

Anyone out there familiar with the Sequoia Elite or owns one and can give me your input?

You really do agonize about your choices, don't you? I wish I owned one so I could just tell you to go out and buy it.
This thread has stretched on soooo long that at this point only people who have been regular commentators (like your's truly ) will continue to check for new stuff. Alot of others will see the five pages, and probably not get to the end...it's daunting.
So. Unless any of the "regulars" have a Sequoia, your best bet to get feedback on it is to recap the situation in a new thread. Be aware though, that once you do this, the doors will open for people to chime in with "why do you want that? Get a Pilot/1000/Allez/Roubaix/Cross-check/OCR touring/ etc etc. I would recap the specifics about how you arrived at this point, and the kind of deal you are being offered.

You're the best, my friend. And you're right. I do agonize over choices especially when so much money is on the line. Funny thing about it is that if I spent the $800 on my wife or kids I would feel real good about it...for myself maybe I was feeling just a little guilty. But what the heck, I guess I deserve it too.
Anyway I appreciate your dogged interest in my relatively minor plight and looked forward to your comments whenever I asked a question, however silly some of them might have been. Thank You!!!
As far as starting a new thread...maybe I will just for the fun of it...but I'm almost certain that I'll be getting this bike in the next week or so and I'll be sure to post on my experience with it.