Stem was cracked, bars were bent, brakes had been replaced with turkey lever crap, rear wheel hub loose, paint is bad, lots of gloppy white nail polish that doesn't show in photos. I've built up my share of vintage geared bikes from teh frame up and I agree that its nice to save them. I'm not going to drew the frame so I'm ok with some SS action.
Besides, this will be ridden many days on my commute and may make it to the cyclocross course come October so it'll get the use it deserves. If it was in better paint shape it'd be geared and sold.