Thanks to everyone (especially PhotoJoe) for your replies. Like I said some of the websites aren't very infomative.

The Felt Z6 looks like an intriguing (affortable) option, and no-name brakes are one thing, but no-name shifters is a concern.

The Look 566 Shimano 105 is gorgeous, but it's out of my friend's budget.

I have a Cervelo RS so I know that that's way out of his budget.

In fact, all of these carbon frames are out of his budget, but I'm hoping he can raise it to get into a carbon frame. I'm letting him borrow my back up bike, a Giant OCR Composite 2. Hopefully, he'll appreciate the smoother ride.

So, my strategy is to try and find the least expensive carbon frame with primarily 105 (hopefully, less than $2000). And that's what intrigues me about the 2011 Giant Defy Advanced 3. It's $1870 or about 200$ cheaper than the 2010 Defy Advanced 3. Would the different wheelset make that much of a difference? I wonder if it's a misprint.

I'm also considering Apex, but that's another thread.

PhotoJoe, please let me know how it all turns out.

Thanks again