Update on my Chinese Factory Direct experiment...
I'm now about 2 months into my Factory Direct experiment - a company called LightCarbon. This Frame, fork headset, bar/stem and seatpost cost me about $550 USD. I also picked up a set of carbon hoops for $100USD each. The only new parts I needed were spokes and a front hub. The build is fully mechanical, including brakes :( . The wheelset is pretty sweet with blue king hubs and CX ray spokes. The bottle cages are carbon, also direct from China, and were only 8$ each.
I have about 1000km on the bike at this point. I built the bike up myself and everything went together flawlessly. No issues with alignment etc. No creaks coming from the bb despite a good combination of rain and dust. I was worried about the fully internal cable routing but the shifting has been perfect. There is a bit of extra drag in the brakes but that has improved as the housing has bedded in. Most importantly, nothing has broken - no cracks or failures. The ride is OK. It is a bit of a weird mixture of stiff and flexy. The rear end and pedalling efficiency are good. The steering is super flexy - I would describe it as noodlely. The bars and fork are fairly stiff. At first the flex in the steering axis of the frame was pretty unnerving but now that I'm used to it I don't mind it. It actually mutes cornering trail chatter but I definitely wouldn't be loading this bike down for a long tour.
Would I buy this bike again - no. Would I buy Chinese direct again - maybe (we will see how well this stuff lasts). I am actually thinking about a custom Marino for my next frame.