You will find that that bike will ride very well. Sure it will be heavier than a modern bike but it will be a plush ride.

If you are in the least bit handy you can change out the cabling, tires, bar tape, and give it a good cleaning. Spin the cranks, and wheels listening closely for grit. If everything spins easily you can get away with riding it until you can get someone w/ tools to check the BB. Cheap cable sets can be had @ wal-mart for the short run, but for a better fit and higher quality components the LBS is your best bet. Equip yourself with tire levers and a good set of basic hand tools. Buy tools as you need them.

Most of all try not to get caught up in what you have vs what others have because this is a very slippery slope. Ride the piss out of it and find out what works and what doesn't. Use your field test results to determine your next buy. Because you will buy, and buy, and buy. lol

Read lots and ask more questions, and ride.

Enjoy your new bike and welcome to BF!