Nah, this is beyond just a simple "weak". I have owned 50+ bikes and while some are better than others, this is the worst out of any bike I have ever ridden. To put it bluntly, even going 30 mph, grabbing a good handful of lever, I can't stop in any reasonable amount of distance without using the rear brake.
Just checked, pads look new. Bled out a little fluid from each caliper and it was clean, as was the fluid in the reservoir. No bubbles in the lines that I could tell. Calipers slide on the pins. Lever is still just a little spongy, but I'm gripping on it pretty well -- weak rubber brake lines could be one possibility, although when braking, I am getting a good solid feel at the lever, but no corresponding grab at the rotors.
I'm thinking something along these lines... in no particular order
1. swap pads for a known brand (just got the bike, no idea what the PO used for pads)
2. get a steel line kit
3. rebuild master cylinder
Thanks for all the input. Even though its a new-to-me bike, I have to believe that this weakness is just plain wrong -- no way a bike of this weight would ever survive with it like it is.