I also picked up an Arrow Pace, this one a mixte frame for $15. Suntour derailers, Dia-Comp brakes, a Sugino crank, Vetta saddle, Araya wheels (although I replaced the rear). As much as I love it I keep thinking I should replace the frame with a regular shaped frame, but I'll probably keep it the way it is (with some upgraded components, like aero brakes and a cable-stop bracket to put the shifters on the downtube, already getting new tires, a rack, and hoping for clipless).
These bikes are very light I must say.