Before: $25 impulse buy from eBay
After spending a lot of money and having a good time doing it:
Before: impulse $10 buy from eBay
After a new paintjob and a thorough cleaning of the bike:

Front fender has a bad dent so I left them off. Rear brake has been added. Still waiting on new wheelset.
Before: JC Penney's finest
After some good cleaning and new paintjob

well, a new saddle, pedals and handgrips from Wal-mart.
Before:

After: so far

a fellow alleycat racer has expressed an interest in this bike. I just might let it go.