Bike rides fine. I've pulled the fork for headset maintenance and it looks perfectly fine. Only problem is the rear rim has a crack in it. Brake cables used for derailleurs and a Wald steel quill stem, easily upgraded.
To clear up the BBC confusion, no the bike wasn't marked $699. It was marked at $100 and I purchased it for $60. I just figured after I began to clean the bike up and saw the newish BBC sticker on what was otherwise a neglected bike and the fact that the sellers who brought more than 100 bikes were from Wisconsin, it probably was an unmarked BBC sales operation. So knowing BBC's pricing practices, I figure the "coveted" BBC decal is worth $639.