I'm pretty much in the same boat as you; I've taken up riding again after an extended absence (edit: only 12 years instead of 40, though), mostly due to my cholesterol report from January, and the recent spike in gasoline prices. I've discovered the joy of running all the errands I used to do by car, with a bicycle, listening to the wind in the trees and hearing the birds chirp, and enjoying the green-thumbs of the amateur landscapers blooming in every neighborhood. All while lowering my cholesterol, saving at least $10 per month in gasoline, and learning to my delight that my bank will let me use the drive-thru!

I'm lucky however, since I still have the 1992 Specialized Crossroads I used to ride. (Bought new, when I was younger and richer...) It was evidently in excellent condition according to the LBS mechanic. All I really needed were new tires (Maxxis Overdrives -- 700x38C) to replace the Nimbus tires that had been sitting flat for years, and I was ready to roll. That is one thing about spending more for a good bicycle; it will last forever.

Now that I've gotten back in the saddle, I've started thinking about what I would like to do in the future, as I slowly regain my bicycling stamina. There are several bicycle trails in the area, and one day, I think I want to spend a vacation day exploring one or another of them. I've re-familiarized myself with the current Bicycle Rules of the Road for the State of Illinois, which contained some surprises for me, like the alternative method for making a left turn at an intersection on a bicycle. I really recommend reading your own State's Bicycling Rules of the Road as soon as possible. Another is, I'm not as young as I used to be (darn it!), so I'm going to need to do some changes to my bicycle, if I plan to ride it for more than local errand runs, so I'm thinking of making the plunge and buying a Trekking Handlebar to replace the risers that came with my bike. My hands are telling me that this would be a good idea even for errand runs! Getting a proper fitting, and discussing your planned use of the bike at your Local Bike Shop, will be valuable in the long run, so that your riding won't turn into a nightmare of hand, neck, and knee pain over time...

Edit: Sheesh. This turned into a blurb about me, instead of a "plus 1" of support... Sorry!