It's not a bad bike for the money, but there are a lot of other off the rack options in that price range.
search the forums for $500-$600 bikes. If you're going to drop the cash, you might as well familiarize yourself with the other options. To make it easier on you I'll drop a few names
IRO Mark V or Angus
Raleigh Rush Hour
Specialized Langster
Jamis Sputnik