JaTree,
i think if you google spalding blade velospace a person listed some detailed specs. the CL one you linked is the exact same one i have.
I end up not commuting on it as much as i thought, but now it turned me into a road bike guy. I use it for pushing my limits and speeds on the MUP and love the thing. the only reason i dont commute on it more is my beach cruiser is just so plush and comfy so i take that 80% of the time.
My opinion may differ as i got the bike free as it was my bike when i was 15-20 years old. but its a very nice ride and to me more comforatable than my friends aluminum $900 road bike, it soaks up the bumps better than hers. my spalding components are cheap and apparently heavy but still work just fine.
Youtube and some basic tools you already have around, can save you money. i spent the duckets at the LBS on the brakes just because i rather not be fling down a hill or street and trust my own wrenching with my life
the tires are 27inch not 700c, i found the selection to be smaller that 700c but still satisfactory. i ride the bike with all the original parts except a new rear wheel, brake pads and tires.
is it perfect? no.
can i keep up with kitted out roadies? no but thats the engine i think not the bike
am i having fun? heck yes!
say you can get it for $125 (or even $100) and do the adjustments yourself, that means you are way ahead of the game!!! it has little eyelets for a rack which makes it great for commuting purposes.
old road bikes are darn capable of anything i have found.