And for those of you who do a ghetto conversion (like myself):

Original bike frame: free, with all original parts(out of a retired orthodontist's garage)
Sandpaper, steel wool, etc: $7, hardware store
Rustoleum Appliance Epoxy: $2, hardware store
Headset: original
Stem: original
Brakes: original
Pedals: original
Chain: original
Cranks: original
BB: original (hmm, see a pattern?)
Bars: $10, LBS
Levers: $10, LBS
Saddle: $5, LBS
Seatpost: $15, LBS
Wheels: $120, LBS/ebay
Tires/Tubes: $40 (projected)
Tape: $5 (projected)
Cables, housing: $10 (projected)
Brake pads: $20 (projected)
Grease: $20 (big ol' can of Park, plenty left over)

Total: $244
Almost half the price. Of course, I didn't powdercoat the frame, and have a different set of resources in Connecticut. But it's possible to do it for even less.