Originally Posted by twahl
Schwinn went bankrupt a couple years ago and the brand was bought by Pacific Cycles, who also own GT, Mongoose, Dyno, Roadmaster, and PowerLite.
The Schwinn brand has been spread out among different markets. The ones you see in Target and Walmart are not the same quality as what you'll find in the LBS. The Fastbacks are indeed nice bikes, and I'd say are comparable with the same level of bike pretty much across the different manufacturers. The Fastback Sport is spec'd pretty much the same as the 1000 and it's about $100 less, so it's a bargain and a great way to try out road cycling.
Only catch with this is that Schwinn (actually the investment group that owned Schwinn at the time) had purchased GT prior to their most recent bankruptcy. In fact, they overpaid for a company that was larger than them, setting the wheels in motion for the bankruptcy.
Some people like to make a big deal about it, and things were definitely sketchy during the first few years of the transition into Pacific ownership. The fact of the matter is that Schwinn wasn't making any bikes prior to the bankruptcy, and that their bikes are coming out of the same Giant, Ideal, and a couple other Asian factories as they were before. They have largely the same people working on the product end of the spectrum as well.
There's definitely some crappy Schwinns but there's also some pretty decent ones, and pretty decent values.
Ride both bikes you're considering and choose the one that you think rides better/fits better. That's all that matters.