I agree about the bikeforums link... it goes on and on and on.
I also just got back into the market for a new road bike this year (previous ride is a 70's Dawes). I was shocked at all the changes (well, delighted really)
After putzing around, talking to LBS folks, reading internet stuff... I was worried that an under $700 bike would grow old quickly (upgrades)... but I had 7 bills to spend and I was sticking to my guns.
Then I got lucky:
***** Street Bikes was having one of their big sales. An '04 Felt F65 ($1199 retail) was marked $699! Bingo. CF fork/seat stays, 105 Ultegra, lovely color, fast and smooth riding.
The point is... if you have some time and options (a few different bike shops in your area) and they run spring clearance sales, you may get lucky and get MORE bike for that $700 allotment. Don't limit yourself to a particular model or make. If you talk to knowledgable shop folks, they will tell you that at any given price point, all the bikes are good and pretty similar (i.e. most bikes in the sub-$700 range have the same gruppo, similar frame build, weight, etc.) For me, it came down to bang for the buck and good fit. I was not sure about the yellow bike at first, but I LOVE it now cause I got a great deal on a great rig -- and it won't have to be upgraded anytime soon (it's way more bike than I figured I get)
okay, that's enough ramble.