Hardly obsolete. Your Giant has 7 speed shifters, while a current model has 8 or 9 speed. The main difference is in top end speed, so for example, top end on current 8 speed is 48 - 12, whereas on your bike, the top gear is 48 - 13. This isn't to say current bikes aren't better, but to get better performance, you really need to spend $800 or more.