I just picked up a 83/84-ish CyclePro Greg Hill replica frame and fork. Well... the fork they issued was a Tange. It's a nice fork though. I've been hunting for a vintage GHP frame/fork for a while, but they're few and far between.
I asked Greg about the Cycle Pro and he told me that Cycle Pro was authorized to build that frame from the original GHP drawings and he and his dad worked with Cycle Pro to get it as close to the actual GHP frame as possible.
I think the Cycle Pro replicas (complete bikes) were available before GHP sold complete bikes. I might be mistaken on that however.
Cycle Pro only made them for a year or two. I'm assuming that once GHP started offering completes, there was no further need for the partnership with Cycle Pro.
In my opinion, it's a well constructed frame using a tried and true design (one that for the most part is still used by GHP today).
Cycle Pros are cool in my book. But like someone stated earlier in the thread, a lot of companies had low-end and high-end bikes with quality usually being the difference.
What's really important is, do you like it? And are you willing to spend $60. Who cares if someone else thinks it's junk or not? Unless you're going to be riding it full bore, I wouldn't worry about the quality.