It's a stiff 7005 double butted alu frame. That was quite uncomfortable at first for me, but I now run with a bit less pressure in the tyres which does not affect speeds. The frame colour scheme and finish, if its been looked after, are exceptional. The decals are painted on. It was rock solid last year on a 50mph descent. More than can be said for the rider!
If I was to criticise one area it would be the wheel bearings. The wheels are still true and have hit a good few potholes, but if out in a downpour they will let water in. The front is on its third set and the rear its second.
These days I remove the freehub and front wheel caps every now and again to dry them out and lube the freehub and bearings. The bearings are generic and don't cost much or take long to replace.
On the front wheel, the hub caps are held on by a virtually invisible circlip. I never put these back on the last time the bearings were replaced. This makes it easy to pop the caps off to dry inside the hub when washing etc.
Oh, a bottle cage mount did come loose, but that was my stupid fault for cross threading it!