I just got my first "real" acoustic about a month ago - a 314ce.
When shopping, I tried the 114ce, 214ce, and 314ce. I really couldn't tell very much difference between the 114ce and the 214ce in tone. From their site, it seems the differences are the laminate wood, cosmetic appointments, finish, and the bag. RGtheMusicGuy above is correct that the 214ce comes with a hard bag, while the 114ce comes with a gig bag.
Funny thing though, like Tayzalor above, for some reason I actually seemed to like the 114ce better than the 214ce. Since buying the 314ce I've been to a couple of different music stores and played a few of each, and I always seem to like the 114ce a little better than the 214ce, and I can't put my finger on the reason why.
All that said though, there was a very noticeable difference between either of them and the 314ce. Yes, it cost about 50% more than the 214ce, but I figured it was worth the additional cost; Solid wood which can open up over time, ES, lifetime warranty, made in the US, hard case, and whatever else.
Since then I've played all of the other x14ce models, and found I didn't like them noticeably better than my 314ce until I got to the 714ce. I liked it better than mine, but not really a LOT better. However, the 814ce was VERY nice in every respect. It's nice to know that I'd have to spend $x,xxx more in order to get something I really like better than my 314ce. So, I agree that it's a great value in their solid wood line. I remember reading a quote from Bob Taylor saying the 300 series offers 90% of the quality of the 900 series at 1/3 the price, or something like that.
Jason