If there's anything you can say about the prinny frames it's that they were well made, part of the reason they were so expensive and why they probably went belly up is that they were really anal about QC.
+1 for Principia.
I have a Rexe SX (ellipse) 2003 model, bought as a new frame around 2005. I used it for several years of LVRC road racing, hilly TTs and general fast riding. It is still going strong, though with me at a shade under 65kg and used as a race/fast days bike it has had a fairly easy life.
I also have a Principia TT2 time trial bike from around the same time - bought as a secondhand frame and fork - another great bike.
Their stuff was very well made but were supposedly not of the "couple of race seasons then throw away" variety - light but not ridiculously so.
They don't come up for sale that often but seem to sell for very reasonable prices. At the right price I would be happy to buy one if it looked as though it hadn't been abused and subject to a thorough look at highly stressed points such as around the BB and fork ends.
But if you can find something 15 years old, then it's more likely to be sufficiently cheaper than a brand-new bike that it's worth the trouble.
This is the sort of thing I was wanted to hear as most of the bikes I have my eye on have Principia frames. I read great stuff about the Principia frames but the reviews are quite scarce.
By and large little-used road bikes are a bargain; they go pretty much as fast as new road bikes but they cost a lot less and -if you buy them when they are the right age- most of the parts that go on them are still readily available at reasonable prices. So for example a 9s or 10 equipped bike is going to be a very serviceable machine. But you don't get a frame warranty (most are not transferable and are likely time-expired anyway) so it is pot luck if the frame is going to fail or not. Most frames don't break, but all will do, if they see the right conditions....
Check carefully for cracks and damage, then enjoy. My Alu rigid MTB singlespeed has been ridden hard for 20 years and is still fine. Yes, its life is finite, no it hasn't got there yet...
As Brucey says, there are factors which shorten life.
Thanks for the input. I am aware of the fact that aluminium frames will break eventually but as you pointed out, with taking care of them they should last a while. The main issue is that I have to infer what the bike has gone through and how much care was taken of it by the way it looks today, which may not be so easy (especially for me - I am not an expert) but I think that reasonable approximations of its condition/history can be made.
I have always liked steel frames but did once decide I needed to at least try aluminium so got a 1 year old Trek. By the time I had ridden it the three miles to work and back I had had enough of the battering my rear was getting and sold it on.
Thanks for sharing your experience. I am not so much concerned about bike stiffness as I never had any comfort issues on any bike I owned so far and they were all aluminium.
All in all, I decided to get one of the used bikes. I really think you will be amazed by what I got for the money, will post pictures in a week or so! (It's a Principia frame)