There's another thread about the Millenium down the page a little bit. Basically, they are made by Uberti, who generally make good quality clones of the SAA and other Old West guns. It has a matt finish (not blued) and a brass grip frame, which accounts somewhat for its low price. If you can get past the looks, it's not a bad deal. The other pistol is also a Uberti, price is about $360. This pistol has an antiqued finish, but other than that it is the same as any other Uberti. A lot of CAS shooters shoot Uberti pistols and rifles in matches weekly and get good service from them. I personally shoot two Uberti 1875 Remingtons. Granted, they aren't as stout as a Vaquero, but they are very servicable pistols.
The leather that Cabela's sells is good for a beginner or someone on a budget. It's not tooled or made of as heavy a leather as a custom rig may be, but, again, it's servicable and a good deal for the money.