I built up a Caliente two weeks ago. I managed to find just the frame and fork on ebay for a great price, thus allowing me to customize the bike to my liking. This is my first tri bike, so I can't give you comparisons to other tri bikes. However, here's my experience so far:

I have a very hilly 32 mile personal time trial that I do a couple times a week on my road bike (a 2002 Ciocc with many, many miles, but a decent bike nonetheless). Riding the Caliente for the first time, I cut two minutes off my best time on this course, three more minutes the second time. I expected to feel horrible on climbs, but I didn't. I felt as good or better than I do on my road bike. I find the ride to be extremely comfortable. Once my lower anatomy gets more used to the forward position, I fully expect that centuries will be quite enjoyable and comfortable. The bike is pretty light, handles well, and is fairly stiff (although I only weigh around 158lbs.).

My only gripe, and this is may not as much to do with the bike as Velomax, is that I can't use a 12/25 cassette on my new Velomax wheels because the chain rubs on the inside of the bottom of the seat stay. QR says it's the wheel (and it may be - I put my Rolf's with a 12/25 on the QR and have no problems), Velomax says doesn't offer any solution other than to use an 11/23 cassette (a low-rent solution to a rather annoying problem. Regretfully, I won't buy or recommend Velomax again, even though I love their wheels.). This problem may be specific only to Velomax wheels and this frame, but check out your wheel/cassette/frame combo (if you decide to upgrade your wheels) before plunking down some cash.

I bought a Caliente off the floor at Inside-Out Sports. Mike Beaman spent a long time fitting me, and I also tested two other bikes before buying the QR. I have yet to race it, but I'm pleased with the bike. My road frame is a Litespeed Tuscany, and I think the Caliente actually has a smoother ride, maybe due to the carbon seatstays. Given the poor quality chipseal applied in my area last year, that's a good thing. It "seems" faster than the M4 + forward seat post I was riding before, but who knows.

One concern I had about going to a tri frame was that the lower top tube would feel odd, as though the bike were too small. I realized on the test ride that my knees come inward to an aero position much more readily and easily with the top tube out of the way. An unexpected bonus.

I just bought one from All3Sports in Atlanta (also see www.all3sports.com) I really like it so far. It is my first tri bike so I only have road bikes to compare it to. On training rides I am 1.5-2.5 mph (ave) faster with a lower ave HR. I am still getting used to the position. I seem to use slightly different muscles in my legs, and my back has been getting fatigued. I figure that will all be better with more miles. I have done 2 bricks and running off the bike has been easier than running off a road bike (Ultimate). I chose this bike for the following reasons. I wanted a Cervelo P2k but they seem to be hard to get right now. There were some P3s but they were out of my budget. I was also looking at a Guru but the price was slightly out of my range for the Chron-alu(?). The Caliente had all the features I wanted in an attractive price. I also like the free wetsuit.

Look at the review in 220 Triathlon, www.220magazine.com they really like it.

I bought one two months ago, and think it's great - see my reply to TriMike today.