Complex sentence: The exact qualities that define one as a "Fred" vary widely among regions and cyclists, but recently, particularly in the US, a Fred is somebody with higher quality and more expensive gear than his or her talent would warrant.
Split into simpler sentences: The exact qualities that define one as a "Fred" vary widely among regions and cyclists. Recently, particularly in the US, a Fred is more often somebody with higher quality and more expensive gear than his or her talent would warrant.