I own several St. Croix rods, fly rods and spinning rods, and I have been very happy with them. A lot of times with the higher priced rods, they price them 2 or 3X the price of the rod to be able to afford the warranty. I know that's the case with some of the fly rods (Sage, etc.). You get what you pay for, but past a certain point, you are paying for a name and that's it.
Personally, I would go with the St. Croix. It will do anything the Loomis will, and at half the price. The warranties seem to be similar if that's a deciding factor.
Regardless of the choice, a day with your son picking out the rod and using a rod that he bought you will be satisfaction enough no matter what.