Hey John. That frame looks to be a 16 or 15 inch. How tall are you? Ok here is what I do when I ride. I jack the seat way up on straights or uphill climbs as you want 90 percent full extention on your legs. Downhill you put the seat farther down. The bike is as good as you need it too be. If you get serious you can get another one, or upgrade parts as you need. I'm not a fan of the Giant bikes as they tend to ride crappy for me. If you have a question on anything mountain bike related, fell free to ask. Also if you need some parts I just may have something that would fit your bike. On a side note, I would have the Cannondale frame over the Giant any day of the week. Plus it's US made.
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