Definitely, don't get this bike for the wheels. I've got a suspicion that they're the same wheels that come with the Merciers/Windsors, which are completely unlabeled (sorry, no Suzue Jr./Weinmann bling here). This is not to say that they're definitely going to crap out on you (a friend's been riding them all summer), but they're probably going to be the first thing you upgrade. I think Truvativs look kind of cheesy, but I don't have any functional criticism of them.

In Chicago, you wouldn't have too hard of a time unloading it on Craigslist for about what you paid if you got tired of it. But, like BBB said, if you already know that you like this kind of bike, I'd spring for the IRO.