All in all, Specialized has done a very nice job with the Transition. The frame is a little finicky, with proprietary brakes, and a seatpost that doesn't stick into the frame very far, so, you have to cut it. Woe unto you if you cut it too short. Then again, if you do cut it too short, you're cutting the seat post, not the frame (which is the case with Kuota's Kween K, Scott's Plasmas, Ridley's Dean, et al). If you do make a cutting mistake on the Transition Comp, it's a $200 problem, not a $2000 problem.
The bike handles nicely. Especially in its too largest sizes. It handles adequately well in its two middles sizes. I would forego the smallest size altogether, and the SM size might work better with the 49mm fork than with the stock 43mm fork (subject to much testing first!), but, really, the SM, MD and LG just all need a 46mm fork (a fork not yet made).
The bike is priced right, it's a formidable match for the other bikes in its competitive set, which would include the Slice 4, the P2, Plasma 30, Equinox TTX 9.0, and Felt's B12 and B14. Even as the UCI has turned up its nose at Specialized's Shiv, 2010 could be this company's breakout year as regards its timed race product line.