Is it the one with the rusty drivetrain? If it is I spotted it and posted it in the for sale on here cause I thought it was a bargain! It should be a great starter bike for you, as for the brakes I can't personally comment on a BB5 but them and 7's always get great reviews on here from people who use them.
The first thing I'd look at sorting is get some new pads for the rear V, either TNN LGV's or Heatsink yellows, and get a grind on the rim. After that I'd look into sorting the less expensive end of things like getting some decent riser bars on there if it hasn't already and get a single speed kit and chain tensioner fitted. To be honest the frame should easily last you a fair while as I'm pretty sure it' the exact same one the MAD demo team use yours just has V mounts on the rear instead of magura mounts, and there are loads of people on here who will swear by the power of a V over a hydraulic rim brake!
Just a case of upgrade as you go, get it sorted for singlespeed then as money becomes available and you find you want to upgrade a bit then get the wheels swapped, maybe go for a front freewheel, get a decent spec rear V and maybe BB5 or & up front. Just don't feel you have to rush in and spend a fortune on it as it should be fine for starting up with.
Hope this helps!