I just bought a Specialized Stumpjumper HT Expert 29 carbon and I like it alot. The geometry is excellent. I am able to ride faster and longer than I could on my Nomad or the Stumpjumper HT 26er I used to have. I can even take it down some of the sketchier areas with no problems. The head tube angle will be quite a bit tighter on the specialized than what you are used to on the cobia though. (73ish vs 69ish respectively) The specialized looks like its a big step up from atleast last years cobia, and depending on what years yours is would make it an even larger step up. The waste of money issue all depends on what you like to do. I love spending money on bikes. Buying a new bike would never be a waste of money to me, as long as it is the bike I want. Upgrading vs buying new: buying new will usually be the better option, since you can sell your old bike if you want to.