I just bought a Fuel Ex 7 last night, I had a problem with the chain that was quickly resolved by the LBS. I got an awesome deal, $1499. I just got done with a 25 mile ride. It rode beautifully. I would say it's a tad on the heavy side but that can be easily resolved with the about $200 (Stan's NoTubes and some lighter weight components from Sette, check out pricepoint.com. I estimate you could shave about 2 lbs off it).
As far as the ride, I did 25 mile out and back with a huge climb and fast downhill at the mid point. With the gate properly set you shouldn't feel any feedback (bobbing) from the pedals. The lock out features for both the front and rear suspension are really nice. I'm coming from a Voodoo Canzo which bobs like a pogo stick and is loose as hell.
The Trek is stiffer and climbs really well. It's geometry is set up for XC riding, you can feel it in the handling and climbing. I notice that when I was on some of the steeps it did a good job of keeping the front tire on the trail. When I hit the down hill I turned off the gate on the rear suspension and let it all hang loose. The 4 inches of travel floated over rocks and roots like a dream. It was extremely fun.
This is my first bike with disk brakes so I don't have any way to compare the Hayes HFX-9s to anything else by my old XT side pulls. But with that in mind it was nice to finally have brakes that you could control your speed without locking up the rear tire. I didn't notice the braking affecting the rear suspension as the magazine reviews had pointed out. I was going so fast that I was just concentrating on keeping the rubber down, so that might have played a factor.
It's pretty hard to find something close to that price with the same component group. I was in your shoes for the last two weeks. I was considering the same three bikes. I thought buying a bike would be a lot of fun but it's tough because there are so many good ones on the market. I have a friend I ride with that has a Giant Trance 2. He swears by it (not that will help your decision).
My suggestion is to ride all three and try and get a feel for each. They will all have things you like and dislike. Each one has their own unique rear suspension design. You need to try and cut through the marketing BS and determine which one feels right for the type of riding you will be doing. They all use the gate lockout design to control the pedal feedback, despite what the marketing suggests.
Good luck...
