Tekkie: How the heck did you come up with "mongoloid" as a racial slur? Somebody is WAY to sensitive here.
On to the topic at hand - I have a small stable of bikes, all above $1000, and commute (on nice days) 40 miles to work, but I don't consider myself a "biker snob". But if you just knew the facts!!!
Shimano makes 30 levels of components. Bike shops will generally only deal with the top 5 or 6. Walmart bikes scrape the bottom levels. This means that you are geting parts that will not stay in tune, and will probably break, as they are made of the lowest quality plastic and heavy steel. Parts that don't stay in tune tend to make riding a chore, and not fun. Why spend $70 on something that will become a chore?
Secondly, it looks like it has a suspension, but it really isn't... The reason? It is such a lightweight spring that you compress it all the way when you get on the bike - it is completely bottomed out on an average sized person. It only starts with 2 or less inches of travel in the first place, which is not really enough to notice. All the "suspension" is doing is adding unnecessary weight.
Finally, one of the reasons that bike shops prices are so high is all of the engineering that goes into making the bike. As opposed to Walmart/Target/Toys-R-Us bikes that are only "engineered" to look cool on the sales floor so people will buy them. This becomes readily apparent when you ride a "full-suspension" Walmart bike. It will have a tendency to "bob" with each pedal stroke. When you push down on the pedal, the "suspension" soaks up some of the energy that should be moving the bike forward. Combined with an incredibly heavy steel frame and components, you will find yourself walking the bike up most inclines, as opposed tp riding it. Like cars, it's all about horsepower to weight ration. The average 0.3 horsepower that a person can put out is totally negated by the bobbing and weight penalties of this bike.
$70 for crap is a just lot of crap.
Look on ebay or any used bike shops in your area. Pawn shops are also a good place to look. Find some bikes that look good to you, then research them on
http://www.mtbr.com/reviews/. (It's like epinions, but it's just for bikes).
Bikes can be great fun, and one less car on the road has to be a good thing. But don't buy a toy bike like this.