it is a beautiful bike...too bad the paint had to be trashed. The finish on the Colnagos is one of the more interesting parts of the package. The guy may have overcooked the brazing on the chainstay and burnt through. It may also be rust from the inside out...I have seen what appeared to be a perfectly good frame ruined from the inside out. Listen for "sand" in the chainstays. Whatever the cause, the holes need repairing if the frame is to be useable.

Other than looking a little goofy, the repair on the top tube is sound, no?