Travis,
Few things in this world are more aggrevating than a broke-down mower. Usually it breaks when it is hot and your almost finished cutting, so the yard looks like a nascar track with high grass in the center.
My dad cut two acres every week during mowing season for 10 years with an MTD he bought from Lowe's in 1991 for $999. It had a 42" cut, 12.5 hp B&S, and gear transmission. He spent most of his Saturdays mowing grass. He said he enjoyed it. By the time I had to start cutting his grass for him, the MTD was worn out. The front axle was so far gone it would hardly steer. I don't enjoy mowing enough to spend all day Saturday mowing.
I have rebuilt quite a few riding mowers over the last few years and sold as many as I could. First, don't buy anything without a cast iron front axle. In that price range, I'd avoid hydrostatic transmissions. You might get a good one, but if you don't, the mower isn't goining anywhere until you replace the tranny. If I had $1000 in my hand to buy a mower, I would buy a used JD, Toro, Case, Ariens, Gravely or Cub before I would buy either a Craftsman, Murray, or MTD.
If you are cutting that much grass (2.5 acres or so), I would go less than 46" cut. Otherwise you'll be on the tractor way too much, which is okay if all you want to do is cut grass and work on a mower. /forums/images/graemlins/crazy.gif
Let us know how it comes out!