Specialized Allez or Trek 1.1

That's good to hear! I was pretty impressed with the bike and it looks more than it costs haha either way I assume in this price range I am probably going to get roughly the same quality of parts and it will really come down to which brand I like and looks. Is this a reasonable assumption?

What other bikes are in this price range that you would recommend that will last me a good five years (I'll be treating it like a Cadillac!)?

I also see quite a few frames up on eBay for sale, would buying a bike piece-by-piece for a beginner be not recommended? I think if I researched the right items I could find the correct parts and assemble the bike but I've heard mixed reviews about doing this. Any thoughts?

Thanks!

the Allez is an excellent ride, you will never regret it. If you're seeing them at that price, snatch one up (assuming the fit is correct!). Great design, very versatile, strong ride.

I tend to steer clear of older bikes, because, well....they're old. Like buying a used car, you don't know what you don't know - was it damaged and repaired? Are you being ripped off? Not worth the lost sleep.

I haven't heard much about the BikesDirect brands, but what I have heard was pretty good. Your call. How important is brand to you? How important is it to the people you ride with (if that matters to you)? How important is support? If it rides, it's a bike. If you're comfortable and you ride it a lot, it's a good bike. If it's also fast, it's a great bike. Doesn't matter what the hell it costs. If Lance Armstrong had ridden a Huffy fixed gear from Wal-Mart through the Alps, guess what we'd all be talking about

You asked about building a bike from components - again, your level of comfort here. Almost always, a built bike will cost less than the sum of its parts, so unless you know what you're doing, you shouldn't be building a bike from components. If it's your first bike, it's also not a good idea simply because you don't know what you're looking for! Could you tell the difference between a 105, Tiagra, Ultegra, or Dura Ace? How about Campy or SRAM? How about pedals? Forks? Bars? Lots to learn, be patient. Your first bike will get you 90% down the road (figuratively, of course - literally, it will get you 100% down all the roads you ride it on!)...along the way you'll learn what makes it tick, and what you want customized to your spec on the next bike. When you have enough knowledge and miles under your saddle, you'll know....then you'll get a rocket ship and fly it away.

A specialized Allez elite is my first(and current) bike too and i've been very happy with it.  I don't knwo what the difference is between the elite and non-elite.   I guess the elite is liberal    

I bought it on ebay for about $700.   It's taken me though an ironman as well as all other distances.  It's definitely not the fastest bike out there, but for getting me into the sport and carrying me through all the distances I've wanted to do, I couldn't be happier with it, so I'd recommend it.  For the record, I haven't ridden any other kind of bike, but it does everything I need it to do.  I plan to get a tri bike at some point, but my specialized will still be my primary training bike.