My first road bike was a Triax Crimson (which I'm guessing is similar) that I bought on clearance at Target for under $30. I rode it for about a year and then got tired of constantly having to grease / tighten the crank and rear hub.
It worked fine as a beginners bike, but the rear hub finally gave out and I just decided to get something else since I liked riding a road bike.
I wouldn't consider it a "serious" bike. One of the other issues I had with mine was that the gearing was very low compared to a quality 10 speed. I never used the smallest chain ring up front because it was so easy. It was also a chore to get the bike over 25 mph or so because you'd probably be spinning over 120 rpm in the highest gear.
Also, mine had non-indexed stem-mounted shifters, so you've got to get a feel for them. It weighed roughly 30 pounds.
If you want a bike that you will be happy with for a while, you might want to save up a bit more. But, if you are just beginning and want to get a feel for a road bike, it should last at least a year (maintenance will be required before that though).