So I was down at a new shop that opened up in MN (Hollywood Cycles,
www.hwoodcycles.com) and came across I bike I've never seen before in person (he's the only dealer in MN, go figure).
Ok so I realize that this is a road bike (please accept my apology) but I know that a ton of people here love their lugs. This is probably one of THE most beautiful bikes I've ever seen. It's a Carbon/Ti frame full Record components. The Ti sections are like lugs with the carbon tubes fitting inside. Just look at the attention to detail on the Ti lugs. Simply amazing, and the detail is everywhere on the bike. Their full Ti frames also have etching in the down tubes as well.
These bikes are super super cool. That’s right, super super cool; you could probably even add in a bit of rad too

I asked the shop owner how the detailing was done. He said it was on a mill. He wouldn't had belived it himself until he saw it in person.
http://www.merlinbike.com/bikes/2005/cielo.aspx
I think I’m in love. I wonder if they have any plans non geared bikes
Full Ti Frame: