I'm looking to spend around $500-$700. Here's a few other questions based on the responses.

What are the advantages of a single gear/fixed gear? I've never ridden either before.

Do the drop handlebars really give you that much more speed?

Why would people have a road bike AND a commuter bike? Is there a reason why I wouldn't want a road bike for commuting to work/riding around town?

I've never had fenders/racks before so I'm not particularly looking to get them. Would anyone strongly recommend them?

Frame material I'm not sure about, what are the pros and cons of different materials?

Can anyone recommend any more brands/styles to check out?

Thanks in advance, I appreciate the feedback because I'm looking to get something soon.