Wife's bike arrived yesterday safe and sound. The carton was very well packed -- you'd absolutely have to destroy the box to damage the bike. Assembly and adjustment went reasonably smoothly, though I will say that mine definitely needed fresh derailleur adjustments both front and rear. Once adjusted, shifts were quick and smooth, though it seems like the triggers that pull cable require more effort than on my own flat bar road bike (XT triggers and front derail. with XTR rear derail).
Rear brakes were spot on, front brakes have to be done fresh as the cable isn't attached. I wasn't terribly impressed with the smoothness of the front hub -- some very apparent grittiness when you spin in your fingers. I don't have any cone wrenches and didn't want to mangle the hubs, so I left them alone for now, but at some point I may disassemble, clean, and repack them.
I'm not enamored of the adjustable stem and handlebar -- the paint looks glossy and easy to scratch, and once my wife settles on a comfortable riding position, I'll probably replace them with better quality pieces.
Also slightly disappointed to find that the nut on the skewers is a molded piece of plastic or composite over a metal nut. Works okay for now, but it just seems like a bad compromise. Otherwise, the skewers work fine, so I'll probably just keep an eye on the plastic bit and make sure it's not separating.
Once everything was adjusted and tightened down, I aired the tires up to 120 PSI and took a little test ride up and down my street. The seat isn't great but I tend to see that as a given on a low-end factory bike, and easy to fix. V-brakes work very well, though I don't love the levers -- too much up and down play in the lever bothers me. Doesn't audibly rattle so it's not a killer.
I noticed a few spokes lightly pinged when I first sat on the bike and rolled it forward -- I'm planning on rechecking the wheels to make sure spoke tension is fairly uniform.
The bike is much too small for me (48 cm, I typically ride 54-55cm) but I was surprised that the riding position was relatively comfortable. Not efficient at all, but definitely rideable.
And it was fun to ride. Feels light and aggressive. The frame feels plenty stiff for the average rider, and had some nice "punchy" acceleration...felt like my energy was being transferred very directly, not lost in inefficient drivetrain bits or a mushy frame. The carbon fork took the edge off nicely.
For just a bit over $400 shipped, I'm pleased, and I think my wife will be very pleased. She doesn't care a bit about flashy graphics or the brand name (or complete lack of one) on the downtube, and wanted something faster and more efficient than the used Giant Sedona she was riding, but would probably have been unhappy crouched over a drop-bar road bike.
Will post further thoughts after she has her first ride on it (and maybe some pics).