This bike rules and yes that is smoke coming off the drivetrain. Dura Ace is hot stuff.
The run down:
-Marinoni Pista. That's Italian/French for awesome
-Burly and heavy chrome fork. Custom drilled for a sweet Tiagra brake
-Crappy bars and stem
-Chris King headset
-Dura Ace cranks on Miche BB
-Alex rims. Strong but reasonably cheap.
-What's that on the stays? A little more chrome to up the bling-ness
-Fizik Pave saddle
-Short wheelbase and low-rake fork. If I turn sharp enough I end up in the future