Having been worried about stock bikes (I went from Conversions to Custom Track), I was pleasantly surprised w/ the '05 fuji track. I think it is a great step up from a conversion, don't feel bad riding it in the rain/snow, and has some slack to be nice on the streets. It would also function pretty well as entry level at the track, but my other bikes geometry is more for the track and I can feel the difference.
Also, the frame is solid enough that, as many have said, replace parts as they break or you want to upgrade. Also, the stock isn't bling bling enough to warrant having to worry about it parked outside for 4+ hours.
Oh, I got a deal, not sure I would spend more than $400 on it though. Thanx 165.