1) With a little tweaking, they're surprisingly adequate saws.
2) The fence really sucks. Like, a lot.
Luckily there are a lot of options out there to upgrade that shotty old fence. In this instructable, I'll cover the procedure for installing a Delta 36-T30 T2 fence & rail system onto a Craftsman 113.298762. This is a popular upgrade for these old saws, but the documentation out there on how to do it is pretty sparse. Hopefully this little guide will help a few folks.
Step 1: A note about compatiblity...
The Delta T2 rails are supposedly universal, but none of the pre-drilled holes line up on Craftsman saws. There's lots of drilling and nervousness involved, so be forewarned. If you take your time and measure, measure, measure, this works great. If you try to rush through it, you could damage the fence and render it unusable...and un-returnable.
The saw in this instructable is a Craftsman 113.298762, but this process should apply to most other Craftsman table saws.
Step 2: What you'll need...
24" Carpenters Square
7/16" Drill Bit
3/8" Drill Bit
5/8" Countersink Bit
Flat Head/Phillips Head Screwdrivers
Wrenches (various sizes)
Note about the drill:
I used a drill press for all the drilling in this Instructable, and recommend you do the same if you have one available to you. The accuracy and repeatability of a drill press made this go a lot smoother. You could certainly do this with a hand held drill, but make sure to use a center punch so your bit doesn't wander.