Well in theroy you could simply buy the bike and ride off. But that is a good bike and it you want to ensure years of trouble free riding an overhaul is an excellent idea for any used bike. You have no idea when the bearings were last serviced and judging from the condition of the pedals the current owner may not be taking the best care of this bike.
The Nuovo Racing and the Pista are two different styles of bikes. If your looking for something hip just for going to get espresso or a pint then the Pista may be it. If you want a quality bike to get some serious excerise on then the Nuovo Racing is the way to go.
This may help with some of the terms and lingo.
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“One morning you wake up, the girl is gone, the bikes are gone, all that's left behind is a pair of old tires and a tube of tubular glue, all squeezed out"
Sugar "Kane" Kowalczyk