I really like Cabela's, and for a variety of reasons, I'd rather shop there for my outdoor stuff than REI, or Dicks, or some other Joe Blow sporting goods store. However, Cabela's is very focused on hunting and fishing, and where I'm looking for technical backpacking and hiking gear, they haven't always been the best choice.
I just got a new Cabela's catalog in the mail a week or so ago, though, and I can see that they've made an impressive foray into that experience as well with their XPG--Extreme Performance Gear--line. The catalog I got was men's clothing, and that's where the majority of the new stuff seems to be, but it looks like there's been an XPG camping gear selection out there for some time.
Some of the stuff seems pretty good--$140 Gore-tex, lightweight hikers, for example, is as good as any on the market. $300+ tents and sleeping bags, on the other hand, don't impress me as a great deal.
Still, there's some great looking things to be mined there. If I had that corporate sponsor I mentioned a few posts ago, I'd go spend some $4000 overnight on stuff, and I'd basically wear Cabela's outdoor clothing as my everyday uniform.