I also have the Peak vise, and have no complaints. I've never had it rotate when I didn't want it to.
Just so you know (and I'm assuming this from your title to the thread), the Peak vise is not made by Cabelas... it's a separate company.
I also got the other two available jaws, although I don't switch them out too often because it's a little tedious changing them. Although, I have no idea how the procedure to switch them out compares to other vises.
Also, the design in the review JC linked is slightly different than the one they sell now. I don't think it really affects performance of the vise, but the aesthetics have changed, if that's important. They had to change it because Renzetti was requesting money to other companies that manufacture the bent shaft design... and Peak wouldn't pay them.
Here's Hans review of the vises referenced above:
[url=http://flyfisherman.com/ftb/hwvise/index.html:c8b69]http://flyfisherman.com/ftb/hwvise/index.html[/url:c8b69]
[This message has been edited by Hextall (edited 09 February 2005).]