I have a '76 Schwinn Traveler I bought from a cool guy on here named Waldowales. He had fixed it up, and put new wheels and tires on it so it was ready to go. He had actually replied to one of my posts about needing a beater bike, so it was pretty cool how that worked out. It's a fun bike, but really heavy. I'm also going to have to get some new bars and a couple things to make it a little more comfortable. But it's in good shape, and nobody is going to walk off with it. I'd like to find an old cheap rack and do some commuting with it.
It gives me a certain amount of freedom because I can lock it up, while I'm in the library or coffee shop and not have to worry. I could never just leave my good bike out there. It's not fancy, but it's the nicest thing I own, by far.