Unfortunately, Falcon is decidedly not what they used to be.
While Eddy Merckx never rode a frame made by Falcon (he just licensed his name), up until the late 80's, Falcon made some nice frames, including those rode by the "second tier" Euro pro team Banana-Falcon.
In 1989, I stumbled across a Falcon frameset in a small shop in L.A. that specialized in high-end Euro gear, including DeRosa, Colnago, etc. The owner wanted a "production" bike to broaden his customer base and he refused to "turn Japanese." He brought in Falcon just as road bikes were going down the tubes and everybody wanted mountain bikes.
I had just broken a Bob Jackson 753 and was looking for a replacement frame to which I could shift my almost new DuraAce group. They sold me the frame and fork for $200. It is Reynolds 531P, a rare tubeset as most high-end Reynolds frames were 531C or 753. The 531P shares the same wall thicknesses as 753 in the main tubes minus the exotic alloy and heat treatment. The lug work is as good as anything I've seen from any quality steel builder - not fancy but certainly workmanlike.
It has classic stage race geometry, i.e., low bottom bracket, fairly slack seat tube angle (72.8 as near as I can measure) and a short front-center. It turned out to be my favorite bike as it fit me like a custom, handled and descended like a demon, and is incredibly comfortable for long distances.
I had it repainted by Medici in 1992 in British racing green (British paint sucks and I live near the Pacific Ocean).
Last year I decided to "upgrade." I replaced everything but the frame, going with Campagnolo Centaur 10-speed, a bevy of Bontrager components (Race X Lite wheels, X Lite Carbon compact crank, XXX Lite carbon seat post, a carbon threadless fork, etc. - I work for a Trek dealer). I dropped it from 21 lbs. to 18 lbs. with pedals.
I have owned aluminum and carbon frames, as well as a number of quality steel frames (English, Italian, and Japanese) over damn near 40 years. To this day, this Falcon is my favorite.
Unfortunately, Falcon now makes low-end (or should I say "imports) mass-market bikes. I'm not sure they have retained any manufacturing capacity.
I'd kill for OEM Reynolds 531P frame decals - the lettering is red rather than the green.