yeah, what WithNail said...
plus, how do you know you were going 7 mph?
anyhow, I ride this bike as my daily commuter and I think it's a great city bike. Its very quick and agile but it still feels pretty sturdy. The wheels seem pretty tough to me (granted I'm a featherweight).
Yes the color isn't the greatest and the seat is more or less crap (I am still riding it after 5 months and it squeaks) but I'm glad I scored this rather than a Pista. Not that there is anything wrong with Pistas - they're nice. But there are SO many of them here in SF.
I don't know from a shop perspective, though... what do these retail at? 700? I scored mine (new) on ebay for 400.