I own an '08 teocali elite that I originally only purchased to be the "second" bike for use on rides when I felt like I really needed 5+ inches of travel for an all day outing. Long story short, I own several other bikes that are more purpose driven and cost quite a bit more, but they've all taken a backseat to the teocali in the last 8 to 10 months. The teocali, when set-up properly for the rider and terrain, is so well rounded that it's honestly hard to beat....especially given it price and durability.
I think of my teocali as a "jack of all trades" kind of bike and I have swapped out a lot of parts since I first got it, even thought about replacing it with something newer/fresher this past summer, but I just can't find anything else out there that does everything as well and yet remains affordable.
My notes regarding the Teocali:
-Excellent trail manners, no surprises and will tackle anything on the trail that I am up for physcially/mentally.....even climbing, and I absolutely hate climbing!!!
-Rear shock setup is key. Natural tendency is to run it with a higher air pressure for a snappy feel, but I have found that keeping the air pressure lower and letting the bike sag a little more than normal (I'm running about 30 to 35% sag, but that could be the dh racer in me) keeps the bike tracking straight and soaking up everything with ease.
-While not the best trail bike I have ridden on the downhills, it definitely holds it own and what it gives up in the dh it makes up for everywhere else. I rely on my years of dh experience to adjust accordingly.
-Square edged rocks, roots, etc. are a non-issue for the Freedrive suspension. All of my past single pivot experience had me accepting of the "hang up" feel of single pivots on these hits where it felt like the suspension was reacting to the after affects of the bump, not the bump itself, but the Freedrive seems to gobble it up and actually squirt off the bump with some acceleration.
-Pedalling and suspension action is great, even with pro pedal off...which I much prefer. I only switch the pro pedal on during extended smooth climbs like service roads or buffed out trails.
As I said above, I've made quite a few changes to my Teocali that I think took a great performance budget trail bike into the category of a top notch performer overall. For starters, dump the craptastic Marzocchi forks that they spec'd in '08 and get a Fox Talas or Rock Shox Revelation. I put a Revelation 426 u-turn w/ maxle on mine and it balanced out the suspension front to back quite nicely. I've since upgraded again to a 2010 Revelation 150mm u-turn with no ill affects, just buttery smoothness. I'd also suggest getting a height adjustable seatpost. I went with a Crank Bros cause I got a killer deal, but any of the currently available options gets the job done. It's quite nice being able to raise and lower the saddle at the flick of a lever as you see fit without ever having to stop.
I've done a bit of changing to the drivetrain as well. Actually, it changes every couple of weeks from two rings up front to a single with chainguide. For 75% of the time I am fine with running a single 34 tooth ring and a Gamut chainguide, but the other 25% I will put the front derailleur back on and bolt on the 24/36 chainrings if my legs aren't up for the climbs on a particular day/week. I won a raffle for a Hammerschmidt system a few weeks ago and have been trying to figure out a way to rig it via some ISCG bottom bracket adapters, but after contacting the guys at Pacific Cycles (Schwinn, GT, Mongoose, etc) I'm waiting patiently as they say they are working on a new bottom bracket link that is Hammerschmidt compatible and may release it for aftermarket sales for 08/09 frames.
So, long story short, I love the bike overall and haven't found a reason to get rid of it yet....which can't be said for a lot of other bikes I have owned or currently still own.
