I'm happy with my '98 Raleigh R700. For a reasonable price I got a decent bike with better components. Mine is aluminum with a carbon fork so I get a lot more vibration than the steel Colnago but for me it's suited fine. It's been ridden many many miles and have only needed brake pads, chains, a new saddle (the old one was horrible) and a rear wheel (caught the old one in a grate). I will be replacing the pedals soon due to normal wear as well.
That said, I don't race on the road-I got the bike to improve my spin and speed for mountain biking. Now that I've gotten used to it I like riding road as much as dirt. It's been on RAGBRAI, a couple of centuries and a ton of group rides and 40+ mile jaunts, no problem.