I have been reading about fixed gear bicycles for a couple of years, and finally found a cheap bike to use as the basis for one. I find this bike incredibly fun to ride around town, and it works pretty well for commuting too. The lack of shifters, derailleurs, and other components make the bike much lighter than most of my bikes (even though the frame is quite heavy). The gearing is 39x16 fixed, or 39x18 if I flip the wheel around.
I love jumping on this bike after riding my recumbent for a long time. The contrasts are great -- the recumbent is setup for loaded touring, weighs a lot, is complex, and has 63 gears. This bike is lightweight, simple, and has one gear. Both bikes have their places in my regular rides.