A couple of notes.

The photo shows ergo road drops and the description says it comes with a flat bar.
That front hub looks somewhat chintsy, and unfortunately it doesn't really show the rear up close. Something tells me these are kind of crappy hubs, and the Weinmann rims aren't exactly amazing either.
Frame seems decent enough. Double butted cromo.
22lbs isn't exactly a lightweight, but there are a lot of no name parts hanging on it.

Probably worth $400. The $999 MSRP has got to be bull**** though.