Aside from the stem - a recent mod to add 10mm, which I agree looks wreck-ish - what makes you say that? The carved frame? The markings on the shifters (a recent replacement)? The homely crank set?

Funny thing; I selected this bike because I liked its looks more than the other two or three options presented at the time, often I get compliments on it (mostly from folks who don't know much, like "wow - what's that made of, carbon fiber?" Well, yeah...), and when I see it sometimes I think it looks pretty hot, especially with these wheels. But in this clinical photograph, I have to agree, it's a not. Maybe because from it you can tell I'm a rather lame old man. On the other hand, with the fenders and junk on it, it's more personalized and it looks like I get good use out of it.