Originally Posted by
SlimRider
The reason that I posed the original question, was due to the fact that I recommended a Giant Boulder to a young newbie, giving her hopes of eventually being able to upgrade the Boulder into quite possibly, a very capable and uniguely novel MTB. In time, she could gradually upgrade all of her components and switch to some really high-class suspended fork. I still think I'm correct in that regard.
- Slim

Think it all you want, Slim; it's still lipstick on a pig. The ONE saving grace of your plan is the 'upgrade' parts will likely last long enough to be transferred onto a truly GOOD frame.
For example, my 2-month-old 2006 Kona; of all the parts on the bike, here are the new ones:
seatpost, coil spring on the shock, cables, stem, 44t chainring, and headset. The rest are from 2007 & 2009.
My frame was a surplus warranty replacement, cleared out for about a third of the price. IT'S worth upgrading parts for as long as it lasts.