The Good: It is a pretty comfy ride and it isn't too heavy.
The Bad: Probably not good for hard riding, steel frame, 1-piece cranks, etc.
My pal got it for 50$ at a used sporting goods store, and I think he pick up a great cruising bike for a killer deal. I'd pay 100$ max for a bike like this and transform it into a custom as parts gradually broke.. Ran it brakeless, pretty fun ride.