IRO doesn't really sell a true track geometry bike. The steel Mark V is actually rather similar geometry to traditional road racing with a higher bb.

On mine, I feel the need to pretty much upgrade everything. The stem was pretty flexy, and the seatpost would not hold the rails of my Selle SLR. The wheelsets (even the basic) are solid. I am not a huge fan of the formula hubs, but I think that is a minority opinion around here.

Oh, and the FSA headset seems just fine. I see no reason to spend the extra hundred on a king.