Cabela's gets their equipment from someone else, its usually so cheap because its either bought in bulk, or its missing the "real" vendor's name or both.
I had an LST, and I thought it was well constructed and a good rod, I just decided the action wasn't for me. I'd buy another Cabela's rod if it met my requirements, and am in fact planning on picking up a Three Forks 3wt someday.
Same for their reels. I've still got, but I don't use, a LSR #1. Its a good reel, and was fine for my purposes, except I just decided I didn't want a mid-arbour disc drag for my purposes, but a standard arbour click-pawl reel.
My surf rod and reel is a Cabela's Salt Striker SSM, and it appears the reel is just a rebadged Okuma. Like my other Cabela's equipment, its dependable and backed by a killer garuntee. It just lacks in "snob appeal" by not having a brand name. That may or may not be an issue for you (I actually felt ridiculous being a poster child for Cabela's on the water, as much as I would if I were dolled out head-to-toe in Orvis gear, yes, I am that vain).