After hearing about this bike everywhere, and being a fixed gear rider, I decided to purchase one as a spare bike as something to run errands with.
First the Pros:
Price: Nothing is this cheap, sure you can spend a little more on something else, but I genuinely don't want something nicer, I wanted a bike to throw around scratch up, crash, and eventually have someone steal it, and for this price it was exactly what I was looking for.
Looks: I must say after I have removed all the decals, reflectors, chain guard, and kick stand, this is one cool looking bike! It's completely black and white and looks cool!
Flip Flop rear wheel: This is a bonus, and was initially what attracted me to this bike. The great part is that it came with a chain tensioner to even out the rear end.
Small Pros: Radial front laced wheel, pedal cages with straps, decals are easily removed with no residue, wheels are painted white to match quill stem, bars, and chain. Wheels also came true.
This bike needed serious adjustment. If you don't have any mechanical knowledge or bicycle part knowledge, this may make or break your purchase of this bike. Here lies the kicker! If you don't have mechanical knowledge or bike tools, I would recommend that you bring this to a local bike shop for them to tune and assemble. This may cost you up to $50, now that would turn this purchase into $200, and you may not see the value now.
But this all depends on your aptitude, and willingness to try to do it yourself (Which I recommend highly!) You can always go online and find out how to do anything with a bike, and there are many great teachers (Sheldon Brown, BikeTutor, Etc.)
Headset: The bike I purchased needed an immediate headset adjustment. It was tightened so much that the fork would not turn unless yanked. I removed, regreased and reassembled the headset. It turns easily now!
Brakes: The design and overall manufacturing and parts of the brakes are not to be desired. Unless adjusted perfectly, they will never clamp correctly. These brakes are reminiscent of 1988 BMX side clamps with a never ending rotating pivot. NOW if you intend to ride this bike as a fixed gear, this would not be a problem for you. I would recommend throwing away the brakes instead of trying to sell them to someone (that would be WRONG!) :)
Bottom Bracket: This needs serious lubrication! It spun but no where near where it should be. I removed and regreased the entire BB.
Size: This bike will not fit riders 5'6" (168cm) or below. I would even go on to say if you are 5'7" do not purchase this bike, it is too large for you and you would be uncomfortable.
OVERALL: This a great value for the dollar! After I adjusted everything, it felt great. The first ride on it was perfect, it steered nice and rolled smooth!
Note: All my adjustments took about 3 hours with proper tools!