ktwbear, I've rode Cannondale road bikes for two decades, just so you know my view is prejudiced. There's been an evolution in road bikes since the CAAD3, but primarily in aerodynamics which will have little to no advantage for a recreational cyclist. The CAAD3 is a fine frame that can be enhanced with more modern bits and bobs. A lighter wheelset and a personalized rear cassette can be inexpensive modifications to perk up the performance of any road bike. Riding in the drops and/or an aerobar can help to deal with the wind.
Brad