My first reaction is also to sak if you bench bled the master (if it was replaced). If it wasn't replaced, it may need to be. The easiest way to find out is to remove the brake lines, and insert plugs into the openings on the master. Then press and hold the brake pedal. If it fades, the master cylinder is bad, and must be replaced.
If the master is new, was bench bled, and the rest of the system was bled correctly, the last possibility is a damaged hose. Check the hoses from the frame to the front brakes. Inspect them while an assistant pumps the brakes. What you're looking for is a balooning effect somewhere in the hose. If you find this at any point on either hose, replace the hose.
Take care,
-Chris
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