lewis--
I too was asking the same questions as you are now only a month ago. I rode my wal-mart bike but am glad I replaced it even though the bike worked, actually now I see it more as the bike rolled while I pedalled.
My suggestion is go to a bike shop and test drive a Giant Sedonna or Cypress. They're about $220 and once you try it you'll finally know why they cost more--they're worth more, IMHO. If you aren't impressed, stick with the bike you have.
Good luck with those show-me state streets...