Cabelas can be overpriced unless you play their game, and I play it. They send very short term coupons with purchase minimums, and their visa accumulates bonus cash quickly. For customers who regularly buy & maximize the coupons, you can regularly save 20-30%.
As for the guns, I have had them special order at a sale price for a custom gun, and got a deal I could not match on any of the auction sites. They have their place, I like the culture & selection offered, and I enjoy shopping there. In short, it is worth it for me if you take advantage of the promo's. Like all retailers, some items will have ridiculous mark-up, while other items can be reasonable.