Also, if you're looking at getting a new bike that would be comparable, I'd highly suggest looking at the Schwinns - the Coffee mentioned above would be a good replacement for a 3 speed, but if you're looking for a touch more versatility, the Willy appears very similar, although with a 7 speed derailleur geared setup out back.
Comparing new to old, I think given the choice between a free Phillips like mine and a free Schwinn Coffee, I'd go with the Coffee, for three reasons - first, you don't have to search out one in your size (i.e. if you don't fit 20-22" frames, you're screwed), the one-piece bottom bracket is a whole lot easier and cheaper to rebuild than a 3 piece, especially factoring in cotters, and you don't have to oil the hub (although this last one is rather negligible).
ETA - also look at the Trek Belleville and the Fuji Cambridge. The Fuji would be my pick, honestly.
Last edited by mickey85; 02-11-10 at 08:54 AM.