The only thing I really don't like about the Schwinn Varsity is the position of the gear shifters... it's on the handlebars in the center taking up valuable real estate. Just for me, the way I set up my bicycle along with a GPS unit and headlight, it would leave me with very little room for my hands.
However, I do like that bicycle a lot except most roads around here are too rough for a road bike... That's why I rarely ride my $99 road bike I got in 2006 unless I'm on a major smooth road.