I bought the ultra lightweight in 7mm Rem mag in 2003. I had some problems with accuracy initially and Weatherby recognized I had a lemon and gave me a new rifle; I went from dissapointed to very satisfied. This gun averages 1.25" groups with handloads. I've shot nearly 1000 rounds through it with no loss in accuracy or function.
I love the gun, nice to pack, nice to shoot for a light gun without a muzzlebrake (which I refuse to shoot.) It weighs in @ 6-3/4 pounds before scope. Mount your scope forward, because light guns do kick and are more likely to leave a bloody crescent on the forehead.
I'd recommend it for the $1100 or so they're charging. I wouldn't even be afraid to buy a used one from a reputable gun dealer if he'd stand behind it if there were any initial problems.
Once you go below 8 pound guns, accuracy can be tricky. I'm not impressed with 10 pound guns that shoot well- they should with that much mass!
The only way to step up, is go custom and more than double the money. You'll save some more weight (ounces, not pounds) and probably improve the accuracy, so it depends on your budget. You can go as far as you want.
Weatherby did a good job on these guns. My Ol' Rem 700 in 7mm shoots just as well but is 1.25 pounds heavier. That is a big difference in mule deer country. That is why it is now my back up gun and the Weatherby goes hunting.
If you go with a non-magnum caliber, you can drop another pound.
If budget is a concern, you should also stick with the non-Weatherby calibers that they offer- much cheaper ammo!
Now you know what I know.
The Christian