I have used an Iron Horse Outlaw for years now, and have used it as a road bike and a mountain bike. Even though I've modified it quite a bit, there was nothing wrong with any of the parts, (nothing broke except some spokes), I just switched them out as the money became available. As with anything, it's what you make of it, given a decent platform -- and it qualified as a decent platform.
There was one, the plastic spring retainer on the rear brake, that broke and when I went to replace it, found that it was the reverse of the shimano retainer so I used that opportunity to replace the brakes.
I can't say a bad thing about it. Make sure the spokes are tensioned properly, that's all. It was worth the money.
http://www.geocities.com/iforgotthep.../bikes/ih.html
Joe