Originally Posted by jyossarian
I'd swap out the saddle and put a rack and fenders on it. Maybe go w/ clips & straps or commuter one-sided SPD pedals. Blinkies, locks, etc. and superglue ball bearings into all the hex bolt heads to keep the parts from walking. Lock the saddle down w/ old bike chain, etc. I wouldn't worry too much about upgrades since it'll be the everyday bike and no matter what bling you put on it, it'll eventually wear out.
Luckily I'm able to park my bike inside a passcard protected garage. It's a small building so not much chance of a coworked swiping parts. I do lock the bike up though.
Rack and fenders may come next fall since this will be a fair weather bike until the mt. bike poops out.