Yes stripped to raw, required a fair few coats of paint stripper and some sanding too. I just finished it off with a scotchbrite pad. It's not a perfect job by any means, there were a couple of little nooks I couldn't get into very well, but these are not in noticeable places anyway.
I thought the stock blue colour was very nice but I got tired of it pretty quickly. I would have stripped my old trance too if it hadn't been silver already.
Brakes, that's just temporary, I was going to switch the lines around & try the normal "front right" set up again (boredom and lack of riding I suppose) and at the same time I was shortening the front line slightly but cut it too short. So I took the brake off completely whilst the new line was on order. One brake is actually pretty adequate for just riding around, and it certainly would be for dirt jumping, but I don't think I'd be taking it to the DH track without putting the other one back on! I have a steepish but short hill where I live, and it's certainly noticeable that you can't really ride as fast with one brake because you have to apply it earlier to stop in time at the bottom, however since it's only the rear it was fun drifting the back wheel a little on the way down

I've only taken it to the DH track once so far, now that I've got a DH helmet I'll have another go - as soon as I get the other brake back on. The first time I needed both brakes on, most of the way down. I'm very much a newb so yes I'll need heaps of practice to be able to ride the whole thing and at a reasonable speed, or find an easier track to start with, I know there's one around here somehwere!
One thing I did notice during my first such ride is that I didn't even end up thinking about the bike at all - the brakes were working and that's about all that mattered. I guess it means that it's pretty suited for that kind of riding and must fit me pretty well.
SimSim, the STP was designed for DJing, so it beats the Talon there straight up. And the other deciding factor is that since you want to do DH, the STP can take a fork up to 140mm travel (the STP Pro comes stock with a Pike) whereas with the Talon I don't think it would be much good with more than 120mm. So even if you can't afford a new fork up front, at least it gives you the option.
The only thing the Talon might have over the STP is that the front wheel is easier to lift (well it is on my Alias, I would be guessing due to the steeper HA).
Otherwise if you plan on doing a lot of DH compared to DJ's then also consider the Norco Shore HT range. More travel but heavier than the STP's.