You should cross post to the C&V forum - you'd get lots of comments and advice on how to tune her up. The bike looks to be in decent shape with moderate quality components.
For example:
- 3 piece crank
- annodized alloy wheel rims
- derailleur hanger
- Brooks
- fenders
Some downside (IMO) are the suicide brake levers and lack of hoods. The bike could use a good overhaul and perhaps new tires. For people with a few bike tools and experience it's a pleasant inexpensive task. If you don't have these and or a friend who does, it will take some cash at the local bike store.
Bottom line - if the bike fits you, you made a great find. If not she'd be worth between $50 and $125 cleaned up.