I know nothing - is this a good price?

Here is the 2005 model  http://www.cannondale.com/bikes/05/cusa/model-5RR5T.html

$580 is not a bad deal, but I would be concerned about the component level.  Cannondale makes great, stiff aluminum frames, but to get the best from the frame you should have components you can really hammer on.  The R500 has 105 and lower.  I think that you will suffer from the weight, and (more importantly) from the quality of those components.  They will wear faster, break easier, and generally give you more trouble over the long run.  They will force you to upgrade, which over some time will cost you more than it's worth.

My recommendation is to look for something full 105 ($1000 level), full Ultegra ($1500 level) or a mix of the two.  You will be much happier in the long run.  Look for internet deals and mail order deals too.  I'll poke around and see what I can find.  What is your frame size?

Those two are at the same component level as the Cannondale.  I guess frame fit would make the difference.  But it sounds like price is your motivating factor.  So, my question to you:  Why not buy used?  More bike for less to get you by until you can get what you really want.  Here are a few options I found on ebay just pokin around for you:

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=98084&item=7168365289&rd=1&ssPageName=WDVW\

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=7298&item=7168244702&rd=1&ssPageName=WDVW

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=98084&item=7168250216&rd=1&ssPageName=WDVW

Not trying to argue, but weight on your body and weight on your bike are completely different.  It's not the weight that the tires press into the asphault, its the weight of the bike as you pedal against it.  If you've ever ridden two different bikes that are 10 pounds difference one right after the other, you will be able to feel what I mean.

I ride a Trek 5000 carbon bike.  18 pounds.  It's like ride a speed cloud! 

igbomb

WARNING: This reply comes from a relative Newbie!

Sounds like you have a firm price range to stay in - stick to your guns! It's far too easy to fall for that old "well, xy piece of equipment is ony $800, but I can upgrade to an xxy for only $150 more, and for a small $50 I can get an abc add on, and that $400 upgrade to race-specific xyz piece of gear is a must have..."

This is a fun hobby, and you have much greater priorities for your disposable income, with a wife off work and a little one to look after. Play it safe and play it smart and stick within your budget. REMEMBER: you will likely need to buy pedals and cycling shoes for the bike as well (or you should) so add on another $100-150 to the price. If you're brand new to cycling, then remember to save some money for a helmet and a pair of cycling shorts as well.

I'm Mr. Cheap, and I'm all for buying used - you can get much higher end components and an all-round better bang-for-your-buck by buying a gently used 2, 3, 4 yr old bike (or older - mine was 6).

Saying that, there is always some je ne sais quoi about a new bike (or anything new!). The Cannondale sounds like a great first bike, and you said yourself that you plan on getting a year or two out of it before upgrading,m so what's to think about?

Happy shopping, and congrats on the new addition to your family (oh, and congrats on the baby, too!)

I agree - when I was looking at new bikes, very few entry level bikes in this price range had anything better than Sora - and have you priced a complete group upgrade? Well, don't!

Is the LBS where the Cannondale is a store that you are willing to throw more money at in the future? Seem friendly? Answer lots of newbie-type questions without sighing or rolling their eyes?

Methinks the Cannondale is calling your name. GO! Then post some pics of your new bike!

I've got an entry level specialized Allez, $650 new (2002), Sora/Tiagra components, been ridden hard for over 11,000 miles, crashed bad enough to shave 1/4 inch of metal off the rear derailleur, yet it still shifts true every time. Have replaced nothing but wheels and tires, just routine maintenance. Sora components are not your department store quality, even an "entry-level" bike from one of these manufacturers is a good piece of machinery.

And Crashman, whether it's in your frame or around your waist, you still have to haul those extra pounds up the hill, or get them going from a standing start. The only place the weight is more important is rotational weight in the wheels, etc.

From your race times, you might want to look into one of those black bikes.

OUCH!

Just for this I think I would go for it.

You'll probably save $$$ over the years, with free tune-ups (to the cost of say at LEAST $25 per tune-up), plus with the 10% discount you can get bottle cages, helmet, bike shorts, clipless pedals, shoes, and a basic bike computer and probably stay under your $800 limit. 

Oh, you might want to buy the helmet and bike shorts online, you could probably get a better $$ value - however, bike shops always have something on sale, and if you get the sale bike shorts, with the 10% discount, you could do ok. 

Umm... I also think buying "Zinn and the Art of Road Bike Maintenance" is a must.  Lots of tech detail in there, but will really help you to learn about your bike.

Lennard Zinn is the man!  I bought his first book when it came out and I was an apprentice bicycle mechanic.  It helped me a lot through the basics, and can even get you into more advanced mechanics!