Sit down and figure out what you want in a bike. If you can, reduce it to paper even. Don't think about price at all. just the bike.

Once you have that down, start looking for the bike to suit your needs. I'd say if you want a road bike, start with the Trek 1000 as it's been called a great value for the money at $700. If it falls short, move up the scale lookng at the better builders. Eventually, you'll either come upon a bike that fits MOST of your needs at a comparitively great value, or conclude that you need to spend the $1,700 to get the bike you want. It may take a month or two, but by looking at more than 1 bike, you're sure to know what suits you best.