I have the Raleigh Rush Hour which is very similar, just without the fenders and I think a different chainring and $50 less. If I had waited another couple of months I would have picked up this model instead as it wasn't out yet.
I don't know how much weight the fenders add but I can toss the Rush Hour around with very little effort. Its very easy to open the double apartment doors with the bike on my shoulder and take the bike up three flights of stairs to my apartment. As far as parts, I swapped out the handlebars for bullhorns as I can't get used to drops. The only other thing I changed was getting a new pair of brake pads.
Otherwise its great, its easy to maintain, very light, and for the money I think its a great deal.