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@Z_a_x
Hmmmm!!! I have heard of people that actually like the 'Spumoni' colour scheme (check out the brochure http://bulgier.net/pics/bike/Catalogs/pinarello89/2.jpg ), but I do have a bit of a thing for red bicycles especially if they're Italian. And of course, plain red is a bit easier to spray than crazy four-colour ice cream bike.
Anyway, the paint work was blistering rust from underneath so she was stripped down to make sure it was nothing more serious than a hard life on the road and/or some dodgy original paint work. Columbus SLX tubing is apparently a bit on the thin side and doesn't take long to permanently damage.