You'll love it George. I have a slighly newer model and I've cooked it on it about 4 times and it cooks very, very well indeed. I use gas a lot during the week or when I really need to be able to control temps, like grilling fish.
Weber will hook you up with any parts you need. The grates should be in good shape. If it comes with the porcelin coated steel, you may want to upgrade to the porcelin coated cast iron for better heat retention and searing.
The burners likely are OK, but you may need to get some new flavorizer bars. There is a guy out there who sells aftermarket flavorizer bars in stainless stell that are a heavier gauge steel than the Weber bars and are a little cheaper. I just ordered a set for my Genesis so we'll see.
The side burner is NICE touch. I had one on my Charbroil and miss it on the Weber.
On top of all that, its RED! I love the red ones.
George, it appears to be in great shape and you got a teriffic deal. Enjoy fixing it up and cooking on it. It's not as much fun to me to cook on gas as it is to cook on charcoal, but it beats the heck outta cookin in the house!
Pat