I'm getting up to 45miles/week now, not sure what winter will do (nothing good) but I'm loving every minute I spend on a bike. Like everyone else, I've got a budget to live off of, so I can't go buying lots of expensive bikes--which is how I wound up with my Panasonic. The question is, would I be better off spending a bit of money on this, or flipping it and buying something like a Dawes Lightning or some other 200-300 bike? I mean, between birthday and Christmas and saving between now and then, I could probably get up to $400 for a new(er) bike. Or I could spend a bit now, fix this part, then fix something else later. [You get the idea.]

My only thing to confound this: Begining of September I have a vacation up in Acadia, one week long. I already informed the wife that I'd like to bike say 100 miles, and she had no problem with that. While I couldn't get a new bike in that time (I think), if I'm going to keep it then I need to get working on the big items.

Panasonic Pro's:
-paid for
-the 53cm frame seems right size (see below for note)
-I'm fine with its current speed
-seat seems comfortable enough, albeit I'm always sliding forward

Con's:
-I'd almost swear that the 57cm top tube is a pinch too long--I seem to almost have to stretch out when I'm in the drops. I can have my elbows flexed, but not much. Could be just me. I doubt that, in my price range, I'd find a whole lot of difference from bike to bike. See next.
-probably could use a new stem: I think it's raised as high as it will go, but the top is still an inch below the seat.
-rear derailer is on its way out. It's a stamped metal affair (Shimano Z502), and at least one rivet in the parallel bit is working its way out. Wicked backlash in shifting (move shifter quarter inch to shift, then eigth inch back or it'll try to shift again).
-front Suzue cones are pitted badly. Have no idea where to source that. A 700c conversion might be nice, then I could fit some fenders.
-rear sealed 6001 bearings are shot. Can source, but I think I put a flat spot into the rim from overtightening, when I tried to true the rim. Same 700c conversion note.
-Oh, and rims aren't greatly true, just true enough to not rub the brake pads. They are alloy though.
-32mm wide 27" tires ride nicely, but I suspect thinner 700c tires will make me feel faster. But I don't want any sort of tire that I'd have to carry a spare for: I'd rather ride slower than ride fast inbetween flats.
-I've thought of moving the stem shifters to downtube shifters. Not a biggie, but it's still an expense.
-gearing needs to change. Currently a 52/40 chainring with a 30-13 6 speed. I'd like to keep the freewheel range (although a 7 speed would be nice!), but maybe drop to a 34/48 for more hilly terrain.
-bottom bracket is cup and cone, and the drive cup has a huge groove in it. Sealed unit would be the best way to go on that I know.
-local coworkers (who are into biking) would think I'm nuts for spending any money on this, and they know more about parts and bikes than I do.
-paint is aweful on this thing. It's a high point though to me--while it might rust, I have no problem leaning it up against anything.

Thoughts? I keep an eye on the local Craigslist; ebay is nice but shipping prices are up there. I basically just want a decent road bike; although this is a "heavy" road bike (I think 25lb), it does get the job done without too much fuss.