I haven't seen the 2004 Iguana so can't really compare directly, but I bought a 2002 Norco Charger a few weeks ago based on advice from a friend in the business. The 2003 model is available (obviously) and comes with discs as stand and Mazocci shocks but my friend advised me to go with the 2002 if you can find one cos it's better spec'd overall. It is also very light and, whilst it was a $1400 (AUD) bike originally, you can now get them for $900 (AUD) cos the new model is out. I assume the Giant has discs as stand for 2004 (was an option for 2003 I think) but check the derailleurs, brakes, etc - the Norco has Deore all around with LX on the rear and oversized Deore hubs on both wheels. 2002 Charger also has a Shimano crank (the 2003 model doesn't).
I also compared a similar priced Kona and Diamond Back Topanga but the value wasn't there when compared with the Norco (remembering the 2002 was originally a $1400 bike). Unless you really want disc brakes, I recommend the 2002 Charger - I am really happy with mine. And don't be talked into thinking the 2003 Mazocci shocks are better than the 2002 Rockshox (comes with Judy C's in Australia) - the homework I did on the Mazoccis found that they are a cheap model and every review I found caned them (they are "EXR Comp", not the "EXR's" which generally get good reviews). After I decided on Norco, for me it came down to a choice of whether or not I wanted to pay an extra $200 for disc brakes (I did like them a lot) and lesser forks and crank. I could of had the 2003 Charger for $1100.
Hope this helps Robin - I knew nothing about bikes until 5 weeks ago but a bit of homework helped a lot and now both me and another friend have 2002 Chargers and we're both stoked at the value for the components. I suppose the only thing to note is that the bike is classed "Cross Country" (XC) and we ride mostly fire trails and single tracks with a few small jumps. It's a light bike for the price and I don't know how it would go in hardcore downhill stuff - maybe ask your dealer if you're worried.
FYI (in case you don't already know) you can find reviews for bikes and components online at www.mtbr.com and I got mine at Ivanhoe Cycles in VIC (nice service), but you will also find them at Brunswick Cycles or a bike shop at Ocean Grove (the name escapes me - nice service also). I have tried to attach a photo so you can see what a 2002 Charger looks like - hopefully its there.