Well it arrived. Not so impressed.
The frame seems OK, and it has horizonat dropouts so could be converted to an IG hub. The tires are Kenda Kwick 20x2.0, which I think are a mid-grade tire. The rest of the components are the cheapest stamped steel junk I can imagine. So the frame, tires, and carry bag are on the plus side. The components are on the minus, unless you were planing on upgrading them anyway.
At $266 + sales tax, I don't know whether I am going to keep this. It ought to do to bop around town, and a couple of hundred bucks would make it a kind of nice bike. I was kind of thinking of replacing the rear hub with a SA 8sp with drum brake and the front with a drum brake hub (I don't know if you can get a narrow drum brake hub, or would have to replace the fork to do that). The rear dropouts look to be 135mm. I had already planed on using my Brooks B66 on it.
I do know that if I had paid $350-400 shipped, what most sites are selling it for, I would be really upset.
How does it ride? I do not know, I need to tune it up first, the front spokes are too loose and everything else needs adjusting. Besides that it is snowing out there right now.
I wrote a more realistic review of this Kettler Verso Cologne on amazon.com. 3-stars instead of the 5-star ones already there. And I put up a first impressions post on my "Subject to Change" blog, and will probably do a detailed review later.