I really didn't want to add my .02 but...
Having actually ran a Teralow unit for several years, I will say they are a great setup. I had zero complaints running mine. I know Ruger81 knows my opinion on this, but I'll say it again. Sure they have their limits with speed, but it's not really a big deal to just shift into high range. I never had mine out drive my brakes, but I also ran it behind a 5spd (Ruger81 also has 1/2ton front brakes). The thing that sold me on the Tera unit was that it was literally a bolt in deal. No drive line mods needed, speedo still worked, and I didn't have to hack up my floor board. Also, I don't know where some are getting their figures, but the Teralow was almost half the price of the Atlas (including a 2Low kit), and that's not even factoring in drive line mods needed for the Atlas.
The Atlas is a very fine transfer case, and like some have said it will be the last transfer case you buy. However, you will pay for it. The two speeds are available in the 3.0, 3.8, 4.3, and 5.0 flavors, and the four speeds are available in a few different gear configurations as well. I kinda feel some ride the Atlas band wagon just for the bling factor (Who doesn't want a 3g's worth of transfer case under them?).
There are other options too. 231/D300 doubler, 241OR Rubi Case, Stak, etc. They all have their pro's and con's. I went through the same thing your going through with the last Jeep trying to decide which was the best option for my needs.
My personal opinion though, go for the Teralow. You already got a smoking deal on a 2low, you know the place to get a good deal on them brand new. Gather the parts, assemble it in the garage, swap out your 242, and go wheeling later that night.