I bought this as a frame from a National Guardsman in Mississippi in 2006. Serial no. M360282.
It's a 58cm frame with a 56cm top tube. The rear is spaced for a 126mm hub, and it was originally red. It had decals over the paint which I peeled off. These frames were likely designed by Jim Merz and built in Japan by Miyata or 3Rensho, though the latter is unlikely. A Specialized Allez was ridden in the first Great American Bike Race.
So, it's likely a decent frame, from an objective standpoint.
I moved the parts over from a Pinarello Alexi Grewal model "Montello" (the one someone is trying to sell here) which was, in the words of one online reviewer, "a real noodle", and also a bit big for me.
They are a Suntour Cyclone drivetrain, Dia Compe aero levers and Royal Compe calipers, Sansin or some such hubs, and anodized Araya rims. The bars are Nitto and the saddle is a suede Selle San Marco GI-LUX 311.
So much for the cool parts. The seatpost is a really lame looking Kalloy and the stem is a no-name brand which I mean to replace with a much cooler Nitto that's been sitting in the toolbox. At one point I subbed in some RSX integrated shifters and derailleurs, but the Shimano indexed shifting never worked terribly well with the Suntour, so I went back to downtube shifters.
Whatever! This puppy has been around Central Park waaaay too many times. It has been ridden up to Piermont in packs of bikes that, collectively, cost more than I make in a year.
It's arguably insane that a guy who rides so much has such a cheap bike, but I'm cheap, and I like it.
You may have noticed that the bike is now black, and that there is a rosary around the stem.
I'll explain. At one point I lived in an apartment building which did not allow bikes. I had to lock my bike outside. This sucked. The first time I locked my bike with its bright red paint job to the rack across the street, I knew I'd have trouble, so I took it apart and painted the frame flat black.
However, there was a problem. My girlfriend and I were the target of a tire popper. I suspected the super, and figured that, being a Catholic, he would not pop the tires of a bike with a rosary on it. I had a rosary that had been found by a friend, so I put it on the handlebars and it worked. It's been there ever since. Who knows what bad deeds I have prevented with that rosary over the years? Who knows what awkward discomforts I have caused on group rides?
Update September 2014:
Sold the frame for $30 to a guy from the NYC Fixed Forum who says he'll strip off the black spraypaint and build it up.