I bought a Felt F65 about 6 weeks ago and I've put about 300 miles on it in that time. My lbs already replaced the freehub because of a clicking noise while pedaling. I've replaced the FSA Gossamer cranks with Dura Ace (got a killer deal on them through Bike Nashbar) but I don't think the noise is coming from the cranks. I had the cranks installed by my lbs.

Last night when I went out for a little 10 mile ride I immediately noticed a grinding noise only when I was out of the saddle pedaling hard (on the big chainring and up near the top of the cassette 17-18-19 cogs). It sounded like something was rubbing on the chain but I couldn't see anything. I did 30 miles on Saturday with no problems whatsoever and my bike has just been sitting since that ride. It's possible my 3 Y/O son could have messed with an adjustment or something but I'm not even sure what to check. Shifting seems fine and otherwise the bike seems fine but I'm concerned about this noise. I did check the spoke tension on the rear wheel but they are all tight and both wheels are true.

Overall, I've been very happy with this bike (wheels are cheap though and I'm upgrading them soon-I got a good deal on the bike so I don't mind spending a little extra to improve it). I paid $899 for the bike, it's an aluminum frame with carbon fork, seat stays and seat post. It is mostly Ultegra but now with Dura Ace cranks and 7700 Dura Ace brakes (another killer deal-thanks ebay).

I'd do two things:

1) Talk this over with your son. See if he has any ideas

2) Is your front derailleur cage -- outside edge -- hitting the chain when your frame flexes under load? You should be able to see this happening if this is the issue. If so, we're likely talking about backing out the high limit screw on the FD about a quarter turn.

Update: I don't think the issue is chain rubbing. I hopped on the bike this morning and rode it around my street a bit and heard the noise quite clearly coming from the cassette area. It definitely sounds like a grinding noise...very gritty sounding and I don't have to pedal too hard for it to make the noise. I can't imagine the frame flexes that much!

I'm taking it to the shop I bought the bike in about 1/2 hour. They've been great with their service and always very accommodating. I'll post another update after I find out what the problem is.

Update #2: Well, the mechanic at my lbs isn't really sure what the noise is. It is definitely not the chain rubbing on the FD though. He's going to take the freehub apart and try swapping wheels to see if he can isolate the problem. So, I am bikeless at the moment.

I have the same problem on a B16 that has about 1500km on it. Did you every get to the bottom of the problem?