Well, I decided to try to get a look at these in person instead of ordering online, so I went through the Levi's Store in San Francisco today. I didn't find the selvedge 514's, but I did see their new selvedge 501's and I was not impressed.
The 501's don't seem to be on the website, but they had the same $98 price tag and there were two kinds available, both with a tag explaining that they were selvedged and woven on narrow looms. One was presumably raw, and the other was horribly faded and distressed. The denim itself was rather lightweight and flimsy, though. It didn't have the crisp tight-woven quality nicer raw denim has. In other words, they were like regular Levi's but with a cheap-looking selvedge edge.
I don't know if the 514's use the same denim or not, though. The 501's looked to be a lighter blue-jean color than the darker 514's pictured on the website.
Anyway, I guess I'll hold off for the time being. And handling those in person reminded me of why I've always kept my 514's heavily starched.