excellent upgrade platform IMO. i'd try and score an older one if you can. 04 had better tubeset (reynolds 520).

i really like the ride and geometry (fwiw, pista has steepest headtube & highest bb of all the off the peg bikes mentioned above). i've upgraded everything but the frame on mine, and have absolutely no complaints about it at all.

stock components are, as has been said, less than stellar, but they'll hold up well until you feel like upgrading. get rid of the stock seat on purchase. everything else is fine.

if you had bank to start upgrading straight away, i'd go mercier kilo tt and upgrade the drivetrain and wheels right away. miche/campy crank/bb or sugino 75 set-up with decent wheelset and flip the old parts on ebay. after selling the old stuff you'll have probably dropped $600 or so total, and will have a decent track bicycle