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Aside from cosmetics, I am pretty sure they are the same regs inside, though I am not sure if the SG1000 has a metal air barrel in the 2nd stage or not.
I just certified a family of 3 and they all purchased the SG-1000. All of them used their new regs on a group trip with me and they were all very happy with their purchase!!
From what I have been told by my LDS, Subgear is owned by Scubapro and is where SP moves their old gear to be sold for cheaper, and thus extend it's shelf life.
Once you realize the way products are manufactured, branded and marketed today and you become comfortable with buying the in-house off brand you might want to start considering other manufacturers as well. ScubaPro follows the old strong armed tactics of MRP. They do this to protect their high end margins. Yet they understand revenue management and so they create the off brand to get those customers who won't pay that much for a reg.
LeisurePro (no longer sweet deals since they were assimilated) offers the SG-1000 for $539. The mk17 a700 is $759. They have to make a couple tweaks to show a difference to convince people to go up to the name brand. But for me, the Edge / Hog Epic/D1 combo is $220 is every bit comparable so it's a no brainer to me.