in my opinion, I think where and how much you plan to ride must be first question. If you plan to do only city rides then I think an MTB would be a complete waste of money. Last evening, me and my brother were discussing some simple ATB or hybrid bikes. We came across some very interesting ones. We were looking at the Raleigh and Colnago. One of our good friends from Bombay recently purchased a Raleigh M200. I think considering her interest and how much and where she plans to ride, she made a good choice of going for an ATB. I do not know how good a bike M200 is though.
I have found out that most riders on BZ are city riders with occassional off-road weekend trip. For city-riders, both front and back suspension bikes are a complete waste in my opinion. Disc brakes too I think will not be of any significant use except that you can give many press conferences in the middle of the road.
Somehow I prefer "traditional" components like V-Brakes. For me, a bicycle should be a "bicycle". These gadgets, in my opinion, takes away the real "charm" of a bicycle. Constructive criticism is more than welcome here. By the way, that Octane 26T is terrible. What an awful looking bike !!!
I also feel these Indian bicycle manufacturers should stop copying good brands. They add some really cheap components just to make the bicycle look similiar to good genuine bicycle manufacturers.