Picked up the same bike for my teen son last year. The year is '86. At that point the market was so competitive that Miyata had really upgraded their line and the 110 was way different from the same model a few years earlier. While the 110 had been the low end 'sport bike' they introduced other models below it.

We upgraded son's bike with Tektro brake calipers and aero levers. Bikeisland.com sells a 'budget' brake kit that includes both, for $45 I think, a great deal. The only trick was that the rear brake on the Miyata is a nutted mount, not recessed, because the rear reflector serves as a washer. The Tektros are recessed. On our bike I drilled out the brake bridge and found a concave washer, also drilled that out, to work on the other side of the bridge. (Lousy description...it will make a lot more sense when you look at it.) New brakes work great, look great.

Also put on 27" x 1" Panaracer Pasela TG tires, which are also working well but are maybe a bit narrow for city use. They were only $10 at Nashbar for a while.

Son loves the bike, as well he should. It's light, fast, and looks sharp. Only problem with ours is we didn't get it for quite that cheap. Great find!

ps: ours is now single speed, per son's request. Kids...what are you gonna do?