Nothing wrong with that- chances are it'll still be going strong when all that SLX is rusted through.
Yeah the outer ring on that chainset looks like it could lose half it's 'meat' without mishap. Frame is probably nice enough to carry Gransport, at least....but some of those existing components have their own nice vibe, too. I could live without the budget Campag. mechs, though... What I mean is, this bike was obviously manufactured to a price-point, but on the evidence it's more the drive-train than the frame that was compromised to get it there.