For $650 you can get a handmade steel frame from Gunnar, which is a division of Waterford. I posted something about them on another thread earlier. They have both road and touring frames available (called "Roadie" and "Sport.") I've been riding a Gunnar road bike for awhile now and love it. Not one fo the big familiar names, but a high quality handmade frame from a high end bike manufacturer. Give them a look if you want a good value in a steel frame.