2003 4runner a/c compressor

My a/c light is blinking and the Toyota dealership serviceman said it is (most likely) the compressor that has gone bad and I will need to have it replaced to the tune of $1,000. He said he has seen several 2003 Runners with this problem but that there is no recall at this point.
Has anybody had this problem and is there any way around replacing it? I don't mind paying it but if I'm about to get ripped off, I want to know.