Thoughts on this bike
 

I'm new to the sport and want to start off with something that will last, but not break the bank. I've tested the Diamondback Coil EX 07 for 475, no tax from a local bike shop. I really like the ride and it has all of the features that I want. I like how the shifters are oriented, disc brakes, and full suspension. Does anyone have any thoughts on this bike?

Avoid it like the plague. I wouldn't consider a fully for under $1,500 unless it was used.

according to the site

http://www.diamondback.com/items.asp...=13&itemid=224

the components put it at a level just above dept store bikes. I think it would last better than say a NEXT or Roadmaster FS bike, but any kind of hard riding on a regular basis and you'd be replacing parts left and right. For light riding it would probably hold up ok enough but the performance would leave a lot to be desired.
For instance: the promax disc brakes i've heard are barely better than crappy V's, but take a lot more adjustments, and often don't allow enough adjustment to keep from rubbing hard. (most discs rub a little, but the cheaper ones will actually create resitance you can feel at the pedal). The derailler looks like Altus, which would be ok for light riding, but for hard riding you'd be adjusting it a lot. The fork is awfully low travel for FS, wouldn't soak up bumps very well on trails that are intended for FS bikes, would do just fine on rough roads though. the rear shock looks pretty unadjustable and the geometry doesn't lend itself to efficiency, this would cause a lot of bob when pedaling, absorbing your energy instead of using it to spin the wheel.
If you really like Diamondback I'd try this:
http://www.diamondback.com/items.asp...=13&itemid=169

Thanks for the advice. I guess it is too good to be true. My pricepoint is 400-500, I can't stand twist shifters, and I want to be able to ride it rough if I want to. What would you suggest?

First, as said before, avoid fullies at this price.

There are about a gazillion good bikes around $400 to $500. Too many to list really. Some ones to look at: Specialized Rockhopper (XC), Specialized Hardrock Sport disc, Trek 4500, Jamis Durango , Cannondale F4 or F5, etc. There are a mess of them. Go to a real bike shop and ride everything they have around your price range (go a little higher too) and pick the one that you like best. All of them are going to be pretty similar.

Very good suggestions.

I strongly recommend the Specialized Rockhopper.