It's not about the look, it's the functionality. If you're riding to work or doing errands that's one thing, but if you are trying to go fast or longer distance you probably want drop bars.
My other points refer to the age of the bike. Sure, there are still quill stems, but I doubt an Italian frame from 2005 would have one and those rims are older than that, too.
I think thirdgenbird is correct that it's from the 80s with a newer 9 speed rear. That's another thing, if the cassette and chain are worn out, mo money.