So I stripped the bike today and took a closer look at the damage. It might just be the clear coat which has cracked but who knows? The guy at the bike shop was pretty convinced it was cracked. I also found some damage where the cable to the rear brake has rubbed maybe 2 - 3 mm into the swing arm...
A few months back I had my Giant road bike replaced under warranty for a tiny hair line crack in the seat tube which i thought was just cracked clear coat. Regardless of the extent of damage to this frame i think at a minimum i'll get some kind of repair done as appose to simply leaving it.
Now that the bike is stripped i can feel how thin the tubing actually is. I can't fit some verniers in there but at a guess the tubes can't be much thicker than a few mm. I think from memory some of those Santa Cruz frames have up to 10mm thick carbon at critical joints.
I also heard back from Specialized I can pick up a Large 2011 epic frame for a discounted price. I've only just sent an email to a carbon repair place to see what the damage will be to get it fixed but I had a rough quote of between $400 and $600.
So it's decision time, repair or new?