It would be a Foco based steel, absolutely. Whether or not it's specifically drawn for Cervelo depends on how many frames they pump out. It's entirely possible it's 'proprietary'.

3.7lbs for a traditional 58cm frame seems ballpark. I wouldn't compare anything to a Colnago though man - there's nothing quality about a Colnago ( sorry Colnago owners, just my opinion ). The steel Colnagos have never been even remotely light, and the steel Colnagos always unravel at the lugs. That says one thing to me, I'll let you guess what that is. Also, it kinda makes me chuckle seeing Americans buy Italian frames, when the quality of US framebuilding surpassed the Italians 20 years ago. I think it's called 'buying a myth'

Read Don Ferris of Anvil Bikes comments on the EFBe test if you want a real insight into how meaningless they are. Tell us what you really think, Thylacine!