Its a mixed bag. I would definitely be looking things over closely. You don't know if it was totaled for cosmetic reasons or if something major was wrong. Worst case scenario is a bent frame. Check steering stops on the forks. Check frame down tubes around the radiator for small dents. Check around the neck for any peeling paint. Verify that the carb diaphragm covers line up with the cutouts on the scoops. Anything odd looking in these areas is a bad sign.
In PA, your vehicle is "Totaled" if it will cost more to repair than their little books says it is worth.
Some people are shocked to find their favorite ride has been totaled. Say the scoops are rashed, faux cover dented, master cylinder cracked, clutch cover and water pump cover rashed, exhaust rashed, foot peg rashed.....all this stuff is minor bolt on parts but, if the replacement parts and labor add up to more than it is worth in their book, it is totaled.
You can buy a totaled vehicle, repair it, fill out some forms, get a special inspection on it, and receive a rebuilt/reconstructed/whatever title from the state. Its pretty hard to find out the real reason why it was totaled though.