I was definately NOT dissapointed. It climbs well, has very low rolling resistance, and is really lite for steel. There is no question there are huge differences between the feel of a steel and alum frame. If you haven't riden one, you owe it to yourself to try it out. The frame rocks and I have raced and trained hard on this bike and love it.
Components are good enough to handle the rough stuff and easily upgradable.
If you ride hard at all you will need to upgrade. I am having Avid's installed as I type this. Saddle is weak. Rear suspension very subtle, almost not worth having it there. I race almost everyweekend and train a lot.