I've now had a Learsport 8500 (Ultegra 10 spd, carbon forks, rear stays, seat post, 550 wheels, no pedals) since December 04 and have ridden >6000ks . I got this for $1999 direct from Learsport.
After reading several posts questioning a Learsport purchase, I took the punt because it was simply too good a deal. Similar equipment was close to $3000. Thought that even if the frame was ****, the remainder of the equipment couldn't be bought for the price. Also, with the chancellor of the exchequer being a full-time mum, I had to go for a price point as much as I wanted the full carbon, dura-ace Colnago.
So, it pleases me to say that I am very happy. Haven't had a problem with the bike whatsoever and woud thoroughly recommend a purchase. I ride Masters B grade in Queensland and have won several races on this thing (love beating the super expensive bikes).
Took me several months to get used to the sloping frame geometry as I came from a traditional steel frame (Viner) - I had sore bits. I probably still prefer the traditional frame shape, but then it took many years for me to upgrade the Viner (btw if you are still riding an old steel clanger, upgrade NOW - it makes a big difference).
I would like the headset to be shorter so that I can get a lower position for time trialling. I also think that the frame is not as stiff as the Viner and whether it is this, the frame geometry or my ageing legs I can't seem to get the same kick out of the bike at the top of a sprint. The distance from seat to headset is longer than I think it should be for a medium size.
I added some Ultegra pedals ($80 from probikekit) and replaced the low spec Vittoria tyres with GP3000s ($38 from probikekit - can you believe it?). I will probably add a new seat as I don't like the emblazoning on it (Learsport: please don't do this in future). I get lots of questions about the bike and people are amazed when I tell them the price. There is strong brand following in cycling and people are prepared to pay a premium for this. I like to think of myself as more spiritual than material or maybe that is my justification.
I took my bike to the LBS which gave it a service and commented on how tight the bike was. Mind you, the local bike shop is bloody friendly, I can imagine some being snobby about the bike.
So, in summary: YES it was an excellent buy and I would recommend one to most buyers. I would suggest that you see the bike first (mine was mail order) and make sure that the geometry fits you. Get assistance with getting set up on the bike. I use mine for racing, training & commuting - this gives it a good workout - the frame quality seems to be there (I bet it's made in the same Taiwanese factory as your more common brand names).
The only reason that I would not buy one is if I could afford that all carbon Colnago. As much as I love my wife and kids, the love I share with my bike will one day mean a Colnago mistress.