I'm not sure what's cheap about Cervelos. It's not the retail price, that's for sure.
But the my P3 and S2 are really the best bicycles I've ridden, and I've owned many. The P3 TT bike is so much better than the old Cannondale Slice that I actually like riding my TT bike now, and I'm on it at least 2 days a week. I used to train on it far less frequently and only race it.