I broke down and bought the new welding cabinet with the drawers today for $169. I'm sure it will go on sale for $149 in the next month and I'll have probably lost my receipt by then haha (my store will let you bring the receipt in to get a rebate or whatever).
I'm pretty happy with the construction. It is similar to the 4 and 5 drawer carts. The only gripe I really have is the fasteners are all threaded in to sheet metal; however, it is 16 gauge and they are approx. 5/16" screws or so with very coarse thread. I cranked them as hard as I could by hand with a P3, and they did not feel like they would yield at all. They are serrated washer head screws, so they aren't going to back out anyway, and assembly is a lot easier without having to get your arm inside with a wrench I suppose.
The wheels are pretty decent, especially considering the price. I don't expect the swivels in the front to live forever if they get wet frequently, but they are probably equivalent to a typical cheap 300 lbs caster that you'd find in a big box store. The rears appear to be good rubber similar in durometer to a truck tire, and they appear to have a fairly large bearing inside them.
The drawers are BB slides and operate just as smooth as my 44" and my 5 drawer cart.
The lowest compartment has just enough room for two hoods. I'm storing my leathers (full chaps and jacket), two pairs of TIG gloves, and my SavePhace hood in there without having to cram stuff in there.