There's some great advice here, and I agree with The Historian, check out that local co-op. Getting back into it and wanting to stretch your dollar, I'd imagine that's by far the best way to go. That will give you a good bike to get started on, and build a good relationship with a good group.
Regarding bikes direct, a friend purchased several bikes from them recently. While they are of the higher end, I've been impressed with what I've seen. Saturday he rode his full carbon Shimano Dura-Ace equipped rig, and it looked fantastic. The frame looked as good as many carbon bikes I've seen at the shop (aside from the new Madones..
), and he seemed to be quite pleased. The other one I saw was the aluminum-framed SRAM Force bike, and that also was a beauty. As someone else noted, the welds on the frame are ugly, but so are the welds on my Trek FX. They both seem like very solid, capable, and good looking bicycles.
Anyway, moral of the story, watch for used. I keep trying to do that myself, but the whole instant gratification thing always bites me in the butt.