I really wouldn't worry about comments like 'only 105'. There's absolutely nothing wrong with 105. It's a raciing level groupet.
- IMO It's significantly better than ultegra was 3/4 years ago.
The systemsix is right up there as of the lightest most efficient frames you can buy. This is where your moneys gone. To get the price of the bike down obviously cheaper parts had to be fitted elsewhere. This is why you 'only' have a 105 groupset instead of Ultegra.
As you wear out parts and upgrade them over time your bike wil just keep on getting better and better.
have i wasted my money...?
Only if you don't like it / never ride it.
is the bike too 'advanced' for a beginner,
If this frame was fitted with high end parts it would be a pro level bike. There's no reason at all why a beginner can't enjoy riding one.
are there better bikes out there for the price that would suit my standard....?
It depends on what you're using it for.
As it is this bikes capable of winning 'beginner/intermediate races on. Yet it's easily upgradable into something that will be competative at any level. However, as a commuter it's a hiddeously expensive and ill equiped.