The bike is in good condition especially given it's age. It's not quite as pretty as it is in the picture... studio lights will do that, but I have to say I'm pretty happy with the aesthetics of the bike as a whole. Big fan of the faded dark blue to light blue with the yellow lettering.
Sounds like a lot of folks think wheels would be a good upgrade... I'll have to look into that.
Yellowjeep - any suggestions for a mechanically inclined person looking to try their hand at building a set of wheels?