its a 12 speed and classic road bike look, you should upgrade the handlebars and stem for modern specifications, wide handlebars are a relatively new improvement, first came into widespread use in the late 80's and 90's, im guessing also new pedals and the rest will the depend on you. Its ok for commuting and for some recreational riding,
They were built sound, they weren't considered the greatest bikes around but they did hold up, which means it would be great to commute or to do recreational riding on...and that's what Schwinn sold them to be was to be recreational bikes.
[COLOR= rgb(17, 17, 17)]You could even convert the bike to a fixe and brought into a clone of the modern new fixe's by finding a set of inexpensive aero aluminum fixie wheels in whatever color you want. Then just pull the rear derailleur off and remove the shifters. You could also have a single geared crank installed on the front and eliminate that front derailleur.[/COLOR]