I'd never even seen this set until a few months ago, but now I've tracked it down it's a real piece of timeless classic Lego. What struck me was its size and its attention to detail. There's a ticket office, waiting room, time-table and a bridge over the railway lines. The lamp posts could be lit up if you bought the Lego battery-powered lighting set. One of the best Lego railway stations.

Overview
Year of release: 1980
Last year in catalog: 1982
Set type: building
Generation (within grey era): 1.0
Predecessor (within grey era): none
Successor (within grey era): 7824

Description
Every train layout needs a railway station. This one is big, and it is somewhat unusoal. It uses lots of grey 6x28 plates instead of baseplates. There is a huge bridge crossing the track, similar to set 7937 from 2010. In general, the design style is somewhat similar to the bus station 379, combining these two sets looks pretty good.
As a con, this set contains only three minifigs.

Variants and alternate parts
No variants are known of this set.

Personal opinion
I think that this set is underrated. Maybe because the selling period was rather short. Strange enough, there are no conducting rails, which means you had to buy one additional set 7854 to make 12v trains run on it. And because of the bridge, the station is limited to only one lane. I guess that this was the main raison to develop another railway station for 1983.