The tires had been replaced before I purchased it; they still had the little nubs attached (I had a tube blow out this past summer, but I replaced it no problem).

I am in the middle of overhauling the hubs. I just took apart and cleaned the fron hub. The grease was in pretty bad shape, but once I got things clean, the bearings, cups, and cones look okay. There seems to be a track around the cup, but it is smooth and perfectly circular. I plan on overhauling the rear hub this weekend.

BTW, the hubs are marked as Shimano (I think 600).