Funny you mention that but I distinctly noticed that the small decals on the chain stays were on top of the clear-coat but I didn't notice on the rest of the bike. The tubing is likely 4130 since the seat-post required (according to the eBay auction) is 26.0mm so it isn't light but not an anchor either.
I liked the lines of it and that is what caught my eye at the bike lockup; the geometry is very nice, definitely track.
I got the one about a week ago to build up as my first track bike.....all the decals do come off but you need some goo gone to get all the sticky residue off......as for the weight, i have it set up right now with a bb,headset, stem and drop bars and that came out to around 7lbs,....the one draw back is that the forks come uncut.