With a few more miles on the Mercury I can add a bit to the review. First thing to say is that the bike continues to delight. I'm using yet more presssure in the Schwalbe G-One Speeds x 50mm and now running about 40psi F and 48R. Notwithstanding what Jan Heine over at Rene Herse says about his tyre range it is pretty clear the bike rolls quicker at these pressures than at the 30-35psi I was running initially, and the main effect on comfort seems to be that the tyres flex less and the frame more.
I would still run the low pressures if I expected to spend a lot of time on really rough stuff, but at present I really like the firmer tyres and not least because they make the frame work. Even with the Reyolds ST v-brake fork fitted, the Mercury feels fantastically lively and resilient. Why this springiness in the frame should make the riding feel so enjoyable I don't know; I just know that it does.
BTW can anyone tell me what sort of steel goes under the label Reynolds ST these days? My guess would be that it's a thick-walled version of 631.
I'm getting stronger quite quickly and more often find myself spinning out in top (remembering that I selected a 37-19 overall ratio for what might fairly be called a great-granny bottom gear, at 15 inches). It's become unusual that I get down to that gear and my thoughts have turned to adding teeth at the front. However I find it quite pleasant and motivating to be grinding up a steep grade in third at 19 gear inches with the knowledge that I have in hand two further reductions, each of 15 per cent. I am quite sure the lower ratios will get more use if lockdown ever lifts again and I can get out for a proper loaded tour.
I am getting the hang of the Rohloff gearchange, and have just about mastered the recommended technique for shifting under load, which is to do so when the crank arms are vertical. Already I have become much more confident that I can swiftly drop a ratio or two in the middle of a steep ascent than I ever was in derailleurs. I've no complaints about the spacing of the ratios, and more and more of my shifts happen almost imperceptibly. I continue to experience the Rohloff drivetrain as highly efficient, in the sense that I am constantly surprised by how much progress I make with so littlle effort.
My choice of 650b x 50 tyres was driven partly by the good proportion of gravel surfaces on the best suburban bike trail I have access to and partly by a desire to avoid motor traffic when touring, which in southern Australia can be met by avoiding sealed surfaces and choosing instead gravel backroads. On gravel sections of the trail it occurs to me to say something here about Thorn's promotion of the 650b Mercury as a gravel bike. Given its provenance as an Audax-style fast road bike, might that be just hopeful marketing?
From my experience so far I'll respond with an emphatic No, and a caveat. On the big-volume 650b tyres the Merc rides beautifully on gravel. There is extra comfort over narroer rubber, but there is also extra flotation and that feels very significant. On my Trek with its 700c x 35 Schwalbe slicks entry to a gravel section felt immediately slower, as the tyre bit through the gravel surface, and less secure. On the 650b Thorn I don't even notice that the surface is slower, and the security doesn't alter much either. On the Trek I was always glad to regain the tarmac; on the Thorn I'm indifferent as to whether I'm on tarmac or gravel. Which I suppose means it's a gravel bike. The steering seems to work really well on gravel too. And of course, it's nice to know I'm not bathing 3 + 8 (or more) cogs in fine grit.
The caveat is that some reviews of gravel bikes seem to see them as alternatives to mountain bikes, and I don't see that potential in the Mercury. I expect it will be brilliant on just about any road or track where you would comfortably point a 2WD car, but I'm not so optimistic about its performance on the sort of rocky, rutted track that would challenge a wartime Jeep or an off-road motorcycle. I'll likely restrict it to the sorts of tracks I'd consider tackling in a sporty looking luxury SUV.