~shrug~ I'm not sure I get the thread title...commuting by bike is the second least glamorous type of riding, after the sort that involves a trailer... so, "hype?" Really?!?

To me, it doesn't matter what you spend on a commuter bike, it's worth every penny. Gasoline savings alone will justify the expense. The point is that you're a fitter, richer man for having made the switch. Are you more virtuous or less hip if you ride a hand-me-down to work instead of a $4k custom job? No.