I understand wanting something "newer" but about the only thing you'll get with a "newer" frame over this is a higher, more-uncomfortable bottom bracket, a stiff/wooden unyielding ride, and about 2-5 pounds of weight saved -none if you are wanting that "dutch bike" feel. These old ralieghs are better than anything you could buy today for under $1200 as they just can't afford to make them like they used to back in the day and still be competitive.
If you want a drop-bar road bike then this probably isn't what you are looking for anyhow. But anybody looking for "comfort bike" an old Raleigh will out-live/out-ride/out-comfort anything you can buy used or new up to that price point I mentioned before. 3 speeds are plenty enough in a flat town like Chicago although I'd recommend putting a bigger 20 or 22-tooth rear cog on it to get it geared down to reasonable/usable gears and maybe thinking of replacing the wheels with alloy in the future if you do a lot of rain riding (better wet braking).
Not only that, but riding genuine Nottingham steel is cool -never forget the style factor ;)
Molly Moon said:
So though the bike up top looks awesome, I think I am looking for a frame that is a little newer. I looked up the link for the basket and it is pretty freaking awesome! Thanks for the offer!!