It could be a fine deal. Make sure the wheels are straight and true. It should be a very good entry level or better road bike. One member posted some photos of a fully upgraded Centurion with a fresh powder coat. The bike looked great and didn't weigh too much.

You should try for 175-150...If it is in immaculate condition 200$ is not a bad deal.

The only flaw I see in the Centurion line of bikes is that the paint jobs are often butt ugly.

http://www.sheldonbrown.com/centurion/index.html

Follow the Sheldon link and you will learn what you need. May the kind words of Sheldon live on!