Yip, the bike is serviceable; whether or not it rides well is subjective. No, it won't ride like a $1000 bike. Oh well. Not everybody can buy that, or would if they could. I still deal with people weekly who think anything more than $100 for a bike is obscene.
I'd just tell you to pull that front wheel and flip it around, so the tire tread rolls properly. Otherwise, just ride it, keep it fairly clean and well lubed, until it dies. It IS pre-Y2K, and bikes back then in that price range were a magnitude better than now.
Thrasymachus, you're being a troll. We've all pretty much been there/done that, let Yip have his time.