Where to begin...

Is it good and how much is it worth are somewhat relative terms. A lot depends on what you plan to use the bike for and what kind of budget you have to spend. Old is not always better than new, but new is not always better than old; much depends on the details.

A lot of guys on the road bike forum feel that anything under $1500 is a waste of money and then there are the guys who think anything under $2500 is a waste of money, except for those guys who can't imagine why anyone would spend less than $3000...There are well made and very serviceable "entry level" road bikes in the $400-800 range, but you won't be winning many races with them...so what is your budget and what is the plan for the bike?

A few personal opinions (that means that once I give them many others will jump in and disagree): Older schwinns are great bikes, but heavy compared to modern bikes. If you want a bike that will last and last, an older schwinn is great. The $100 for the LeTour is too much, keep your eyes open in and around the Detroit area and you'll probably find one for a few bucks, but in the meantime you'll be walking. Older Peugeots are good as well, but you can get into French sized parts, Raleigh, Ross, and many others can be excellent as well, depends on the condition (I found an excellent Bridgestone touring bike for $3.00 a few weeks ago; same bike on ebay is selling for $400 give or take)...pretty much any of these bikes will be build better, ride better, and will last longer than anything you'll buy at wmart, target, etc.

Have you been to your local bike shop (or even a few of them) and discussed your needs and your budget? Some have used bikes for sale, some can steer you to a great bike in your price range...

hope some or all of this helps.

KDB