Actually, if you have a Costco nearby, you can get a decent deal on a NordicTrack. I've gone through the same dilemma, was looking for a machine with similar specs as you are, and was fortunate enough to pick up a decent machine at Costco for $600 last month (a display model that usually runs $800) with a 3HP motor, 12mph/12% incline (although some would argue that treadmill horsepower ratings are inaccurate). Certainly enough machine for me, as I don't usually train on a treadmill faster than 6:30 -7:00/mile. I save the faster stuff for the roads and the track and don't really feel safe doing speedwork on a treadmill. I saw a similar model (same model, different branding) at Sports Authority today for $1300. Plus, with Costco, if it dies in the first 2 years, you can return it and get your money back.
I understand the arguments that some make for the cost difference of having a treadmill at home and dealing with future repair costs possibly outweighing a membership fee at a healthclub. I really think that it depends on your body weight and how well you maintain the 'mill as to how long it will last. For someone like me, 145 lbs and usually running with an incline, there's less wear and tear on a treadmill than for a 200 lb person walking. Plus, with my patient care schedule and family responsibilities, taking more time to go to a club just wasn't feasible.
Check out
www.treadmilldoctor.com
. Good advice for treadmill purchasing from someone who seems to have a great deal of experience with treadmill repair. I ended up e-mailing him with questions about my purchase and he was quick to offer advice.