Yes, I did indeed buy it. Don't shoot me, I realize that seemed quick but I had been watching the auction since it started and I've been researching like mad for over a month on different models. After you guys answered the questions here I feel that the bike fit the bill. I made sure that it was the right size based on my measurements in the fit calculator before proceeding. After speaking with the seller back and forth throughout the day I haggled him down to $345 which I felt was a good deal.
The bike is brand new, he forwarded me the receipt. It comes with the following, on top of original crankset, headset, tires (and tubes) and two sets of brakes.
Panaracer 700x35c Urban
Bontrager sport crankset, used for a short time on another bike.
FSA Orbit-x sealed headset
From reading, the headset and crankset were two items many reviewers said would be worth upgrading and it appears he did those things. With all parts or "upgrades" included and shipping.. I paid $390. Considering this bike retails for $500-595 I felt it was worth it. I plan to review the construction of the bike, and piece it together as best I can just to familiarize myself with it more then I'll take it down to the bike shop to let them sort the rest out and make sure everything is in order. Hopefully I can stick around while do what they need to do so I can ask a few questions.
Maybe I made a big mistake here, but with the auction ending in less than 24 hours I thought that the value was there.