Very nice! Read the stickies on cleaning these old machines and watch the videos. Use sewing machine oil ONLY on the painted surfaces. Some modern cleaners will destroy your decals.
Glenn has a great tutorial on restoring the cabinet as well.
From what I can see the wood is in good shape. I don't see any lifted or missing veneer which is common. I think you'll be amazed at how good it looks when you're done cleaning it up. I think you'll be impressed at how well it sews too. It uses standard 15x1 needles, you can still buy the bobbins new too. You can look up the serial number here:
http://ismacs.net/singer_sewing_mach...-database.html
That will give you an approximate "born on" date. If you don't have one, manuals are available as free downloads at Singerco.com in the resources section.
I hope this helps,
Rodney