jmal - I haven't ridden either of those bikes. I have spent considerable time on the Rocky Element 950 (review pending - short version, liked the bike, didn't love the spec) and I own a custom spec Norco Shinobi 29er.
It's hard to really speak about limits or abilities after one ride on the Trance X 29er, but I'd say that this could be a very capable bike with the right tweaks for your riding area and style. I'm not certain how it would handle Shore XC riding (AM riding in most places), but the slacker head angle and longer wheelbase SHOULD make it very competent on AM rides.
For my riding style, I'd start by swapping the bars (which have a really weird feel to them), stem and seatpost. Yes, a Reberb would help deal with the offset of the Contact post, and give more travel. I have the Nobby Nic tires on my personal bike, so those would stay.
There's no reason why the Trance X 29er shouldn't be able to keep up to people on AM 26ers, and I suspect you'd actually be able to make up ground on them in certain sections of the trail.