Hey Scott, welcome to the club and congrats on the new smoker. I have the #3 and for the extra $100 it is well worth it. Not only do you get the extra capacity, the #3 also has a 1200 watt heating element.
Regardless of which model, they are all great units, but I love the capacity of the #3, especially having more shelves abailable when making Jerky. And if you plan on making jerky, get the fan, it works great.
Btw, I haven't tried brewing beer, yet, I am into wine making since it is my wife's drink of choice. I have about 200 bottles aging at the moment.