If you haven't already bought your bike, I suggest you try to check out a 2002 Norco Charger (blue and black in colour). There are 2 models around - the 2002 and the 2003; the newer model has disc brakes but has compromised some other components in order to make them a standard offering and is noticeablely heavier (it will also cost you more). I just paid AUD$900 for the 2002 model. Summary of components: Shimano Deore brakes, shifters, front derailleur & hubs (oversize), Deore LX rear derailleur, Shimano crank, RockShox Judy C fork & 7005 aluminium frame (a light bike for the price).
I am very happy with the purchase, which I compared to the Giant Yukon (a cheaper bike) and Iguana models when I was shopping 2 months ago. I also compared a Diamond Back Topanga and a Kona in the same price range but Norco won. Didn't see any Treks in my shopping around. Because the 2002 Charger has been superseded by the 2003 model, you can get it for a song (it was originally an AUD$1300-$1400 bike).
Can't tell from your posting where in the world you live but the figures you've mentioned look pretty close to Australian prices. If you're prepared to spend $900 and you still really like the Giant, look for the 2004 Iguana cos the sale price you mentioned ($699) sounds like it could be the 2003 model. I've noticed that the strengthening Oz exchange rate has bought down the starting prices for the new Giant range and I'm pretty sure you could get a 2004 Iguana for close to AUD$900.