Originally Posted by Roody
Personally, I have one of those 1970s "gems." I don't like it much and I rarely ride it. The main thing that bugs me is the downtube shifters. The toe clips are pretty obnoxious too. If I put more modern gears and pedals on it, I might ride it more. My sister has a nice new Raleigh that she bought brand new for around $600-$700. It seems like if you're always seeking the PERFECT bike, you might end up with no bike at all!
You are right that these old-school bikes are not for everyone. But I personally love my 25 year-old "sport-tourer". The friction shifters are dead-simple, reliable, never need adjustment, and completely unattractive to bike thieves. Perfect for a get-around-town/commuter/utility/touring bike. I'm not saying that you club riders should sell your ultegra shifters, just that there are good reasons to have a cheap older bike for general transportation.
As for our original poster, I'd say either use an old bike you've already got for everyday use (drop some slicks on it). Or get an old beater if you are deadset on a roadie for getting around town. Don't leave even an $800 bike on the street. The $1200 and $800 bike are not a whole lot different in terms of theft rate. The beater on the other hand...