It has 27 inch rims, which I have purchased new tire and inner-tubes for. It has the original rims and cranks. I am putting it together and hopefully in the next few weeks have it together to see if I have to replace any of the Components. Right now all of them look good, but I am afraid I will have to replace the wheels (The spokes have rust on them, not a good sign). I will test it on someplace FLAT to see if the brake cables need to be changed (I suspect they do and may do it before I do the actual test but I am hopeful).
The rear gears look solid, but I have been using a Cannondale over the last 20 years and I have had to replace the rear gears every 4-5 years (It helps that I have two IDENTICAL rear wheels, that spread out the wear on the gears).
My biggest problem is changing the wheels. It looks like I will have to go with 700 C Wheels which are 8 mm SHORTER then 27 inch wheels. The brakes (Which still function very well) seems to have the ability to go the 8 mm but that may be solved by going with a 700 with a 35mm tire instead of a 28mm tire (The 27 inch has a 1 1/4 tire, about 31 mm). With increase tire width you have increased TIRE height, thus I may NOT need ALL 8 mm (The increase tire height may push the 700 c Wheels well within the coverage of the brakes).
The wheels I am looking at are Peter While Wheels for he sells the Schmidt SON generator:

http://www.peterwhitecycles.com/schmidt.asp
The problem is none of them are cheap, $303 just for the generator.
Shimano XT M760 hubs, Mavic A719 silver rims, 14-16 Wheelsmith spokes, 36 spokes which sells for $404
Thus I am looking at $707 even before I look at the parts I need on the bike to get them to work. I am looking at $1000. Something I can NOT afford at the present time, but I am trying to reduce my expenses so I can. Even at $1000, it is still cheaper then Waterford, but I will see what works on the bike before I do anything major.
http://waterfordbikes.com/w/