"Fred" is just one of those words that one scene uses to describe another. I don't have anything against type-1 Freds [good catch on the professor thing, cabledonut, I was wondering if anyone would pick up on it], and I admire that kind of cyclist's devotion to cycling. I don't think I've ever actually called a Fred a Fred, in fact, though i have referred to the "Fred store." The way I look at it, anyone who rides a bike -- Fred, dirtbag, whatever -- is okay by me.

On the other hand, I do know of at lest one Fred whose utter disdain for anyone who didn't share his velo-philosophy or who took cycling as a SPORT seriously really rubbed me the wrong way. And there's a guy who runs a local wrench shop -- a Fred shop as well, I guess -- who categorically refuses to serve or even civilly address anyone wearing lycra shorts. So, I guess it goes both ways.

As for the type-2 Freds, I look at it this way: these guys essentially subsidize the bicycle retail industry. If some guy wants to drop $6000 on a bike and the sale keeps my LBS in the black, then that's great.

The term, by the way, has been around as long as I've been cycling. There is no French equivalent, so I suspect it's an Americanism.

It's most often heard in contexts like: "Don't be such a Fred."