This is an Ultegra build with nothing carbon except the fork. The wheelset is the shimano RS-80, an Ultegra level model that shares the same rim as the Dura Ace C-24 wheel. As you see it, the whole thing weighs 18 lb. 14 oz. and this is not a small bike ! The tubeset is a mix of True Temper OX and Dedaccai, not a heavy set but definitely not as light as S-3. I'm really amazed at how light a steel bike can be without spending $ 5,000....or even $ 4,000 !