I have both a Trek 400 and a 500. They are great bikes , the frames were well built and many Trek fanatics would say they equaled many fine Italian and French built frames. I love my "vintage steel Treks" and its a real shame they quit making lugged frames.
The only steel bike left in their lineup is the 520 and its TIG welded, its strong but lacks the class of a nice lugged frame. Personally, I feel a lugged frame will outlast a welded one but thats just an opinion. They sure don't look as pretty.

I'd sell the 500 frame (burgany bike) if anyone is interested, or trade for touring gear.

Wish I knew how to post large photo's.