I've use the OTC Genisys and the Autel DS708. The DS708 can be found new for about the price you want to pay, and since Autel is coming out with an 808, the 708 will likely continue to drop in price. The 708 has many more features included in the price than the Genisys and for the most part, works very well.
I have not used the Launch tools and have heard decent things about them, but I've also heard they are behind the DS708 in some areas as well.
I would have to suggest you take a look at the DS708 as an option and determine if maybe it will fulfill your needs versus shelling out the extra cash for the Launch.
-Rod