I am glad to hear that people on this list value bikes of the proletariat! The "ultimate" French ride, in my opinion, cannot be one that ignores all of the qualities that make French bikes so unique: Their imperfections and substandard finish work. It would be like saying that the ultimate Italian car would be one that was reliable.
For me, Peugeot and Gitane represent the "ultimate" French bikes precisely because they are nothing like Italian (or any other) bikes. I would be happy to ride on a Masi...but wouldn't be truly happy unless I was on a Gitane. As for the "better made" French bikes: I am sure they are great, but the "ultimate", in my opinion, reflects the true nature of the country's builders.
And by the way, in my opinion, Peugeot and Gitane are beautiful, even if the lugwork doesn't compare with the stuff at some of the shows. I would say that an award should be given at those bike swaps like Cirque for the best "Production Bike" - i.e. if you know the name of the guy who built it, it isn't a production bike!
My two cents....
Stephan Andranian, who also drinks Pabst Blue Ribbon (and no micro-brews). Costa Mesa, CA