I had a look at this thread in the road forum. What a wildly different set of responses!! Our spell check seems to be broken in the commuter forum.

I didn't realize that the components were very old, but I don't think it makes a huge difference unless they happen to be very worn out - which I think you'd notice on a test ride. I know it's Craigslist, but I've test rode the stuff I've bought there, and let people ride the two bikes I've sold that way. The guy might want you to leave an ID or something so that you don't steal the bike. But I'd be inclined to ride it as-is, if it fits you. If you do test ride it, though, go up some hills.