I don't have direct experience with CF bike frames and components but CF has been an aerospace mainstay for years. However, it did get some bad press from the Airbus Flight 587 crash in NY awhile back. It's now finding its way into the auto industry. For bike applications I'm sure there's the range of quality to be concerned about. But it should offer great benies over metal given a good design and good quality manufacturing. Those benies should include light weight, high stiffness, no corrosion..... They are more brittle than the metals so will they will tend to crack instead of bend for overload cases. But I'm not a sure a bent metal frame is worth much afterwards. From a bike designer's view point is offers much more flexibility in the design as evidenced by the new bikes. No need to stay with round tubing. No need for lugs, brazing or welding. Any cross-section is possible.

The bleeding edge is always scary, but exciting