Its not a piece of crap by any means but Panasonic's best effort in 1973 is nowhere near the quality they were putting out in the 80's. The only top of the line part is the crankset.
@OP - Compared to your Airborne Zepplin this is gonna feel like the QE2. I agree that this is not the right frame for that 9s Ultegra group.
Bill don't agonize over this one... you've got nicer bikes. Its just enticing because its orange.