I have recently picked up a Ping G5 for around the amouint you want to spend, so much easier tohit than my old Benross V12 and I gained about 20yds too
Couldn't be happier. I doubt I would have got a better club for the money I paid.
My only concern was with the loft, I had it up at the driving range last night and I was getting some great shots out of it. Trajectory seems fine and ceartainly gives me more length than my slazenger 3 wood.