I've been riding a Le Champion SL since fall of 2007. Don't know exact miles, but I'm guessing it's around 10,000. I've done at least a dozen centuries including a metric double as well as a tour through Europe and a tour from NYC to Vermont. I paid $1100 at the time. I could afford something much more expensive, but I haven't found a compelling reason to upgrade yet.
Other bikes I own for comparison: A high-end Bianchi steel frame bike (built up for wife), a high-end LBS brand carbon mountain bike (Trek Top Fuel), no-brand China frame TT bike, Shwinn Slicker commuter (kind of a POS, but that was the point).
Positives:
Was quite the bargain compared to the LBS bikes available at the price point. The local LBS was selling bikes that were 5+ lbs heavier with Sora/Tiagra mix. Mine has full Ultegra other than the FSA carbon crankset. Some have had problems with FSA, but I've had no issues other than a bent chain ring (caused by shipping it back from Europe) and normal wear items (have replaced chain and cassette). I don't race, but I'm confident that If I were to race in anything other than a pro event, any losses would be my fault and not the bike's fault.
Negatives
If you can't wrench, you will pay an extra $100 or so getting it set up. You may also get something ill fitting. Nobody is going to hold your hand and give you free tune ups. Since I have a stand and a set of tools, this was not a big deal for me, but it would be a big deal for a total cycling noob. The frames are't even last year's model, more like the five years ago model. You also have to be aware of all the components. Some of the models have one high end component (like an Ultegra rear derailleur) to sell the bike, with a bunch of low-end components to fill it out.
Overall: You generally do get what you pay for. However, part of what you are paying for when you buy an LBS bike is the service and convenience of a shop and a salesman. If, like me, you don't place a high value on those services, Bikes Direct may make sense. You also won't get the latest and greatest, but it's probably the cheapest way into a new serviceable road bike for the recreational rider.
I feel like the sweet spot for bikes direct is the $900-$2000 range. For more money, you could get something pretty decent from an LBS. For less, you start getting into serious component compromises.