Value is highly subjective and difficult to judge without hands-on inspection and a knowledge of your local markets. I can tell you this--the Phil Wood hub, alone, is highly desirable and pricey. Is that in a thrift store? That bike is not junk and the store's asking price will determine whether it's a bargain or not.
It's an Italian-built frame and looks to be mid-1980's from what I can tell. The Phil Wood front hub is worth at least a hundy on its own. Even so, I can't see the spec, nor the model name to attempt to figure out the spec. What's hanging on it is just as important as the frame itself, as evidenced by the Phil Wood hub that is obviously not OE.
I believe that is a lower end Italian made bike. Double butted chromoly on the main triangle... probably a lower end seamed Columbus tubing, but could be SL as well. I keep looking, but only find Taiwan made Bianchi bikes...so, you've surpassed my efforts already .
The tubeset is not SLX, but a Bianchi proprietary spec made for them by Columbus. The low end of their bikes in that era were made by Ishiwata in Japan, however Sheldon Brown and others felt that the Ishiwata frames were generally of higher quality. Until we see the model name, I'm still guessing a middle to upper range and the usual dead giveaways to me are the lack of suicide brake levers and the presence of a proprietary Columbus tubeset.