Bike is holding up fine. I've put over 1K miles on the bike since doing the conversion.
The only issue I had was not related to the frame: I hit a good size pot hole at speed and toasted the rear rim. I had a lot of problems with the Rigida steel rims and ended up relacing the original 700c Bionx rim onto the hub and using that. I liked it so much, I converted the front rim to a 700c Velocity Dyad touring rim. I'm much happier with these rims vs. the steel 27" rims.