There are a couple of Lambrettas on ebay right now (here and here), which are a good representation of the two ends of the scooter spectrum. By that, I mean that there is the "barn find" candidate for full restoration, and the scooter which is already done, and ready to ride.
The '61 Li 150 Series II is totally done, and looks very nice. The black paint, while not stock, is very pretty on the Series II. The other thing about black is that it shows every flaw in the bodywork, so if you go gloss black, you have to have a perfect scooter. This scooter has some nice internal motor upgrades which will make it something that is practical in today's world. Most notably, there is a 175cc top end and electronic ignition. All in all, this is a pretty nice scooter. Given the work it takes to get a Series II to this point, I'd say that the opening bid of $4000 is probably pretty fair. You could just hop on this scooter, and ride it today. Of course, the chrome and crashbars are something that would have to suit your tastes...
On the other hand, you could buy something like this mid-60's Li 150 Special. It is in pretty rough shape, but it appears to be complete. Though it looks beat up, I bet a little body work will have the legshields and cowls into shape pretty easily. Now tally up the costs for paint and body, replacing rusty parts, a motor rebuild, etc, etc... and I bet you'd be into this thing for more than the cost of the Series II above when it is all said and done. Is it worth it? That all depends on whether you like to wrench, or whether you like to ride. To someone with the knowledge and the time, the 150 Special could be a good opportunity... only if the price doesn't go too high. I would probably not pay more than $600-700 for a scooter in this condition.
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