There is already a 30 or so page thread around here somewhere with the title of something along the lines of are walmart bikes good enough that devolved into a bunch of people talking about their denalis and how they've modified them into useful bikes.
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Bikes: 1996 Eddy Merckx Titanium EX, 1989/90 Colnago Super(issimo?) Piu(?), 1990 Concorde Aquila(hit by car while riding), others in build queue "when I get the time"