Three years ago, I got my lovely 89' Trek 400. I stripped of the old, red paint and sanded the rusty frame last winter. Every once in awhile, I lean my bicycle onto a bike rack or light pole and chip off paints. I don't have time to disassemble my bicycle and spray it, so I bought a can of enamel paint and spot-painted. My paint job is not the best, but hey! It stops rusting!
Over the years, I removed a big, ugly gel saddle and put on a sleek one. The front derailleur was taken off, as I never use the big ring (I live on a hill). I installed a new set of fenders last winter, and I no longer suffer from wet-ass. Sadly, my bike wouldn't fit full fenders. Occasionally, jeans and shoes are soaked by splashes. Two weeks ago, I bought a pair of clips and straps; they've worked just fine. I pedal with less effort, and dismount easily. The only problem is that I can't always tuck my left feet into the clip at first. Then, I decided to give clipless pedals a try, and ordered a set last night.
I guess I'll stick with this steel frame until it breaks into pieces. Not sure if that will happen or not, though.