Miracon,
Those are decent reels, and should last a long time. The rods should be OK too, they may have lost a little back bone with old age. The top rod looks like a great pan fish set up.
Make sure you clean the reels out really good before you spin them to much. If you're in the neighbourhood, stop by, I can show you some basic reel maintenance tips.
The combos you guys bought earlier this year are mush better. I'd be using them for my primary rod. These two old ones are good back up rigs.. or for the kids..