buying 1st road bike - suggestions?

i'm no bike pro or anything, but these are the first things i look at when i check out bikes. I'm geared more toward budget-friendly entry level bikes.

in no particular order:

1) fit. make sure a bike fits you. it's hard to get a feel for it, but make sure you're as comfortable as you want to be. choose whether you want a comfortable road bike or an agressive one.

2) groupset. i know more about shimano group sets more than i know sram or campy ones. but if you go into a store and two bikes look the exact same but prices are worlds different, it may be because of the components. sora and tiagra are entry-level components. 105 is in the middle, and ultegra is even better; dura ace is probably tops.

3) material (and bike weight). if you can afford it, they make full carbon fiber or titanium frames. i couldn't afford it, so i have a bike with aluminum frame and carbon seat stays, fork, and seat post. full aluminum is probably going to be the cheapest option, but even most entry level bikes have carbon forks. this ties in with weight, since material choise usually dictates frame weight.

4) bike brand. you probably won't have as much an issue if you buy from a local bike shop, but bike brand will dictate the quality of your frame. there's the big ones: trek, specialized, and giant. but i like to go with the smaller, less distributed brands, like felt, jamis, cannondale, cervelo, etc. i have 2 felt bikes myself. it's all a matter of preference. some bike brands, like schwinn, i believe have good frames and they distribute big box stuff as well.

i'm sure there's tons of other stuff. go to a lbs; they're (sometimes) very knowledgeable and can tell you a lot more than i can!

Giant Defy 3. I'm a FOP biker and just got one to complement my Cervelo P2C TT bike.

$695 from an LBS without a sale and I'm absolutely sure that I'd still be FOP on the Giant. Plus it looks and rides hot. Check it out. I'm still shocked at how good this bike is for the money. It's considered an intro-level bike with intro-level specs, but today's "intro" is good enough to win races if you're strong enough. 

A bike that you will enjoy riding. Find that bike, then buy that bike in your size.

Nothing, Not materials, Brand names, Grouppos, sales, or whether BT / ST / Lance think it's the hot ticket will matter nearly as much as finding a bike you will love to spend time on.

All the big companies keep an eye on each other and are usually (not always) comparable for similar money.

Maybe some more information and we can help more

Good Luck!
And Welcome to Beginnertriathlete!

Hey! Thanks for the suggestions so far. I've done 4 sprint triathlons to date, all with my trusty hybrid bike. I usually place well towards the back of the pack, but I'm hoping to do better next year. The bike leg is my strongest element, but I'm finding that my bike is really holding me back (I especially noticed it in my most recent race). I have a fairly modest budget ($1200-1500), but my biggest challenge so far has been my size. I'm rather petite and I've been having a hard time finding a frame that feels comfortable. I also know nothing about what makes one bike better than another or how many gears I should look for, etc. Any thoughts would be greatly appreciated.
Thanks!

rather petite? Depending on what exactly that means, I'd look into a 650 bike instead of a 700. That can help with finding a bike.

What makes a bike better/worse. It just depends on what you want... it's hard to say "carbon is better than aluminum" or "titanium is best" or some generalization like that. As said above, it's more about the motor than the car. That said, I would get a bike that I wasn't upset with a year down the road. Do you have any bikes in mind at the moment?

I think it's pretty common to want a 10 speed bike (20 gears) for serious riding. You will probably do well with a compact crank.