Pretty sure they changed the name to Raleigh Cadent. FT1 is entry level, and it works up to FT2, FT3, and FTC (carbon frame).
http://www.raleighusa.com/bikes/perf...dent-ft1-2008/
I have an '08 FT1, and loved it at first. After about 500 miles, I figured out that it was a size too small. The LBS sold me a 54cm off the rack when I should be riding a 56cm.
Other than that, I love it. Only problem is it's stiff, and the vibrations tend to be too much for single track. But it's not built for single track; I'm just too immature to resist going off road.
It's very smooth, shifts great, and puts up with my mistreatment fairly well. It has lower level Deore and Alivio componens, but so far so good for me. I've clipped 'crete, bottomed out on tree roots, hopped countless curbs, ridden through shrubs, got leaves and vegetation in the drivetrain, etc. I just got it back from the LBS yesterday for it's complimentary 2 month check up, and all is well.
The geometry is what Raleigh calls RE2P or something...basically, it sits you more upright and in a relaxed position. At the same time, though, it's a fast and nimble bike. You can sprint hard or keep a fast pace no problem. It's essentially a flat bar road bike with some compromises for comfort and practicality.
The gearing is very wide...pretty much a catch-all gear set for whatever you may need.
crank: 28/38/48
cogs: 11, 12, 14, 16, 18, 21, 26, 32
I spend most of my time in the middle ring, and 14 - 18 gears. There's a killer hill on my commute where I go down to 38/26, sometimes even down to the granny gear. I'm not very strong on hills yet, so it's been nice having a triple to bail me out sometimes. Oh, but going back down that hill I'm in the very top gear and scare myself with how fast it goes.
This is a great bike for weekend rides, long workouts, short trips to the store, commuting, etc. I wouldn't recommend it for going off-road, but that still wouldn't be the end of the world if you did. Personally, I think I'm more suited for a cyclocross bike or mtb, but that's just my personality. I really liked this bike, and if it didn't feel so cramped, I'd be keeping it. Too bad I bought a small one.