"I read somewhere that Martin has a new line of guitars that are in the $800-1000 range. Anyone know if that's so?"

Well, the list prices are higher ~ just under $1200 for the all-acoustic models, more (of course) for those with onboard electronics. Depending upon how much a given dealer can take off the list price, perhaps one might be had for an even thousand or less...

They call 'em "1 Series." There are four models: dreadnaught and orchestra-model bodies, each in an acoustic and an electro-acoustic (i.e., with built-in undersaddle pickup) version. The electric versions have single-cutraway bodies.

The back and sides are real wood, not composite (plywood). The tonewood in question is neither rosewood not mahogany, but something called sapele (which some say is fairly similar to mahogany). There is absolutely no unnecessary trim or ornamentation, which keeps the cost down.