It's a nice frame ... but as I stated in a previous thread I will warn you I saw an '08 FTP go for <$600 complete on eBay just last month. It's because the '09 has a new design.
Anyhow, I've ridden this bike before and my friend of mine also just got one and it is a sick sick bike. I had a chance to ride it a bit at the velodrome and it is even nicer than my Cervelo ('08 FTP has newer technology, and is lighter.)
I recommend it, although, if possible, I'd try and find it fully built up. I know the price on eBay has been wavering between ~$500 and ~$750 over the last few months on models '08 and earlier. I was considering buying one (deciding between a Concept, P2T, and FTP). May as well spend a little more and have drivetrain, wheelset, steering, etc. also.