Overhauled, yes, updated, not seeing anything newer than 1998 on that bike,less consumables, no bar tape either.

For the welds/finish that #okane mentions, from the pictures, the drive side chain stay looks messy, although that could just be the picture, the frame has a few issues, mainly round the seat tube/seatstays/toptube area, these looks like the anodizing is wearing, not too surprising given the age of the frame, and not much that can be done, with out major work (re-anodizing)

edit, re #spdracr39 I think there would be much more visible discoloration/damage to the frame if it had been re-welded, still going with annodixing wear, or just the clear topcoat is wearing. Thinking that this is no more than cosmetic.