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@Dammit
I'd be comparing warranty and what you get in terms of servicing thrown in at that price point if i was buying new- and of course seeing if I could get a £1,000 2010 model for £500 in 2011.
Nothing is going to be outright dreadful at that price point, it may well come down to paint colour and if it has a lifetime frame guarantee.
For what it's worth I bought a £500 Allez new, sold it to a mate a year or so later for £300 and bought a £2,800 Cannondale second hand (but essentially NOS) for £1,100.