I bought this frame on eBay at the beginning of this year (2008). It cost me £250 (approx.$500US), plus an arm and a leg to get it sent to me in Japan (shipping from the UK is ridiculously expensive - it cost £98 and took over 3 months to arrive. The Peugeot cost half that from the Netherlands and arrived in 6 days... what!?)
It has original paint but the Reynolds stickers on the down tube and fork blades are a later addition.
Overall, the paint is in very good condition. It has a few nicks here and there but no dings and no rust anywhere. I had the frame looked over by Mercian and they found the chain stays about 1mm out (which they fixed) and the headset and bb not in best condition.
When I bought the frame I hadn't a clue about my ideal frame size and which I now know to be around 61cm c to c and 59cm top tube. This frame is 56cm and 55cm respectively and thus is too small. However, I am going to build it up with a long seatpost and 130mm stem and see if that works. If not, it will be sold. Here's hoping....