It seems that there is some feeling here that any bike that favors comfort and utility over looking like a race bike is a "poor man's Rivendell." While that probably is the core value, it's undeniable that there is also an aesthetic element that is lacking in many of the bikes posted in this thread. Nevertheless, I'm going to continue that trend by posting my MUP bike here (a made-over 1989 Specialized Rockhopper).
I tried to make Kool Aid, but I didn't have all the ingredients.
It has:
* Steel frame and fork
* Ability to fit very wide tires with fenders
* Comfortable handlebars (bonus points for them being oddly styled)
* Bars higher than the saddle
* Wheels appropriately sized for my lack of height
* Threaded headset with quill stem
* Non-racing geometry
* A bell
It lacks:
* Well thought out geometry
* A tall head tube
* A nice saddle
* A beautiful head badge
* Lugs
* A nice paint job
* A curb weight over 30 pounds
I've thought about having it powder coated and getting a Brooks saddle for it. Someone on the ss-fg forum once suggested (in a context unrelated to this bike) the idea of making faux lugs from JB Weld. I could probably get my powder coater to do something like that. He likes to play around. I'm afraid I can't fix the geometry, though it honestly isn't bad with a tall enough quill stem. I wish it had a taller head tube and lower bottom bracket.
As it sits, I've got less than $500 into it, and most of that was for the wheels and tires. No one will ever look at it and think, "Is that a Rivendell?" I can say, though, that I was influenced by Grant's ideas as I put it together.