It's been said, I'm sure... But add some lights, fenders, and racks to that baby (not to mention pedals...) and she's good to go.

Seriously, though I do everything on a FREE nearly 30 year old steel 10 speed with the above things added to it. My brother scares the crap out of me by doing the same without any of that gear on a $15 mountain bike he isn't even sure is technically sound. (I think it's the death wish that comes with being married with children)