I have mixed feelings about REI. I used to sell outdoor gear for Popular Outdoor Outfitters (now defunct). When we didn't carry something a customer was looking for, which wasn't often, we sent them to REI.
REI is the destination in the valley for high-end outdoor gear. However, their prices reflect this. I really like the REI store-brand gear. It's durable and the price point is pretty good. Anything else in the store, however, has a larger mark-up than you would find elsewhere. If you're looking for something you could buy elsewhere without trying it on, shop around online for a better deal.
Their dividend program is nice, though. REI is technically a co-op, meaning you can pay a one-time fee (20$ nowadays) and sign up for the dividend program. You receive some percentage of your purchases back as a dividend to spend in the store. They also have a Visa card which lets all of your purchases feed into your yearly dividend at a lower percentage. They issue dividends in the spring, just in time to get geared up for the new season.
New info: I was digging through my dividend packet, and it turns out you can actually get your dividend in cash. See the store for details.