It's a basic old road bike, but I like it. Aluminum rims, crank, and bars. Nice brakes, but you should fix the rear cable hanger/stop - looks like something might be bent or broken there.
If I were fixing it up, I'd immediately replace the pedals and saddle with something respectable, lose the safety levers, install some fenders (gold Esge maybe?), try to find some old Suntour barcon friction shifters to replace those crappy plastic ones, and consider a moustache handlebar (and a high-rise stem?) to replace the drops.
edit: Just noticed that there might be some rippling in the top & downtubes at the headtube, and maybe some chipped paint - is the frame damaged from a front-ender?
Last edited by Torchy McFlux; 05-02-08 at 10:09 PM.