It's not totally trashy. The frame is fine quality (though it hasn't been a properly trackish geometry since '02 or '03). I believe they upgraded the hubs this year to Formula hubs which are perfectly adequate if unremarkable.

Everything else is so-so. Not Wal Mart quality, but the low-end of decent gear.

Still, I'm of the opinion that as long as you don't pay over MSRP, it's not a bad deal.