Unique Vintage Steel
Join Date: May 2005
Location: Allen, TX
Bikes: Kirk Frameworks JKS-C, Serotta Nova, Gazelle AB-Frame, Fuji Team Issue, Schwinn Crosscut, All-City Space Horse
Depends on what you're looking for in a bike, but have to admit you can probably do better than this for the money (at least by looking at the MSRP).
Derailleurs, while Shimano, appear to be lower end / unnamed parts, 24 speeds is plenty for most people, over kill for others, and only a few have real need for more. Brakes are Promax - again - low end stuff. I have Promax brakes on my MTB, the rear works ok, front disk is pretty weak, and from what I've heard nearly anything short of plastic is better.
Not sure if you know, but Schwinn is now owned by an overseas company called Pacific Cycle - they also own Mongoose, GT, and others as far as I've heard. Mostly stock bikes for Xmarts, big chain sporting goods stors (Oshmans, Sports Authority, etc). This time of year you may start checking out the LBS's for end of season sales. If you want a Hybrid bike for all around cycling and looking to spend around $400 you have a fair chance of picking up an entry level Trek or such for around that price in the coming weeks.