I have that bike (but in Celeste). It's a steel frame (apparently some kind of proprietary crmo) with Campagnolo Veloce 9 speed. In my opinion, that's a decent deal. I bought mine for $650 last year. A few comments for your consideration:

1) Original "retail" for this bike was around $1500, probably sold for $1000-1200.
2) The bike isn't very light (weighed mine at 24 w/ computer, pedals, and cages)
3) The Fir Net97 rims are heavy and weak. I got a nice set of wheels for mine quickly.
4) The Veloce components are pretty nice. Entry level racing quality.
5) I believe this frame was atually made in Italy