I can really feel the difference between my old traveler (made of 1020 carbon steel) and my new bike--a Dawes from Ebay (Chrome-moly Dura-Forte Frame and fork). The traveler is "firmer" while the Dawes is lighter. It's hard to say I like one better than the other, but I often seem to reach for the traveler when I go to the garage; but that could also be some of the looks I get while riding what is so clearly a very old bike.

I am on the look out for any 531 frame to add to the collection (hmm, does 2 equal a collection or do you need to have more than 2---another thread opportunity). Given all that I have read about them on this forum, I am looking forward to the day when I can try a quality one for my self.

As for the other aspects of the original post; I simple add +1 to most of the comments. By going with a classic you can get a quality bike that will last and that can be enjoyed in so many ways--from rebuilding it yourself, to the exercise, to saving money, and so forth.