Rat Bikes! Pub Bikes Beaters! Frankenbikes!

depends on whether you consider the term "rat" to be pejorative.

To me that serotta is a rat. i.e. a decent quality bike showing very obvious signs of heavy usage.
Beaters on the other hand are anti-theft, low cost, low-maintenance.

To my mind a rat doesn't need horrendous parts or poor maintenance - rats are ridden with pride.

Exactly, my bike sees alot of everyday use, so it needs parts of decent quality for that reason, the bikes rides so good for this reason but doesnt look as nickable as my other bikes. I think if i had a bike with horrendous parts and poor maintenance, i wouldn't even want to ride it.