Here's my thoughts. I'll prefix this by saying I have a Delta 14", not a Grizzly or Sears. But I'd much rather spend the extra $100 on the Grizzly
555 saw
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. I realize that shipping would be extra (although Sears charges shipping if you require it), but you might save tax.
In any case, you'd get a more powerful motor (10 amps vs 7 for the Sears), you get a "real" saw (one that's got a number of reviews, mostly positive), and you'd have a fighting chance of actually using the 6" of space under the blade guard. Plus you can add a riser block if you like. The Sears may have 7", but I really doubt you'd be able to cut 7" of anything besides balsa wood. I've got a Delta, as I mentioned, with a 10 or 11 amp motor, and it really struggles to cut more than 6" of any harder wood. Oh yeah, you'll be able to find blades easier for the 14" saw than the 12".
That's just MHO, your mileage will vary, standard disclaimers apply... Look at it this way. If you spend the extra $100, and the saw lasts you for 10 years, that's $10/year. Less than $1/month, or $0.03 per day. Surely you can find 3 pennies for this? :)