It is a bit beat up, it is not working correctly, missing sideart on one side, missing its back door (?), wrong color T-molding, wrong color buttons, not a particularly desirable title (that is subjective of course) and who knows what else you might find when you get there.
What it is worth is up to you, but I think that machine would be lucky to fetch $50 at a real auction. However, the fact that it is close and available is a bonus because that same machine, even if it was free but located say, in another state, would cost you more than the $120 starting bid to have it shipped. So if you are really itching for a Nintendo cabinet and you have exhausted all other options in your area, then $120 isn't terribly unreasonable (I doubt there will be a bidding war for that machine).