I've seen lightweights on the Mongoose bikes, and they are crap. I saw a 160lb guy in reasonable shape on one, he tried to come on a group ride with us. He had a hell of a time maintaining anything above 10mph, the thing squeaking like crazy the whole time.
He got so fed up after three miles that he walked home, and I think threw the thing away.
Another guy I know was riding the.. Next?.. version of the Mongoose bike. Similar deal. One ride and he was done. It really is too bad