The cranks look like an early version of the Rotor cranks. They are designed to remove the deadspot in crank revolution just like oval rings are designed to.
They used to be quite expensive but have fallen out of fashion as more people use the lighter and stronger oval rings instead.
Out of interest, what type of rings does it take 110, 130?
The saddle is an old Assos saddle. someone on here wanted one of those: