I've owned a few CB550's and they're generally solid, reliable bikes. The carbs will most likely need to be rebuilt, but that's a fairly easy project as long you 1) take your time 2) don't lose anything, and 3) don't try to force anything that doesn't move freely. Your local Honda dealer should be able to order any/all of the parts you'll need to complete the task, but they don't offer a complete "factory" rebuild kit for those Keihin carbs. Complete kits are available from aftermarket manufacturers, like K&L. I've used their kits on numerous occasions and they always fit well and work great. Plan on a new petcock seal when you rebuild the carbs, as well. A leaking petcock seal combined with improper float settings or worn float needle/seat will result in a crankcase full of gas and a big puddle under the bike.
The brake stickage is common on vintage bikes and can be caused by a few different things, depending on how the bike was stored. If it has been sitting out in the weather for years, plan on replacing the caliper piston and seal. The piston can/will corrode, and seize the caliper. The best way to check the overall condition of the caliper and piston is to undo the brake line and remove the two bolts holding the halves of the caliper together (they're the same ones holding the caliper to the bracket). Remove the caliper halves and set them somewhere clean so you can work on them. Take a standard airgun (the kind with the little rubber tip work best) and insert it into the empty hole where the brake line connects and give the caliper a blast of air. You may want to do this inside a cardboard box or something (and wear safety glasses) as the piston will come flying out like a bullet. Once the piston is out, inspect it well for pitting and flaking of the plating. A little pitting/flaking isn't a big deal, but keep in mind, this has to be smooth enough to form a seal with the caliper o-ring. If it's not, it'll wear the caliper o-ring and your brakes will leak. If the pitting/flaking is minimal, you can just clean it up and reuse it, though.
Next step is to remove the caliper o-ring/seal. These are pretty cheap, so there's no reason to try to reuse it. Pry it out with a hook scribe or similar tool and clean the groove it seats in very well. Trash/corrosion can accumulate under this seal and is a common cause of caliper sticking. Once this is done, give the caliper a thorough cleaning with some aerosol brake cleaner and it should be ready for reassembly. Make sure you give the seal and piston a light coat of brake fluid before reassembly. Simple.
The fork internals ought to be fine, but plan on changing the fluid and seals. Look at the area right above the fork lowers for rust/pitting chrome as this will lead to premature fork seal failure.
The rear shocks might be fine as well, but you won't know for sure until you ride it.
These old bikes only made about 50 hp, so don't plan on beating anyone in a race. They're good around-town bikes, and are capable of longer freeway rides, but they really don't like extended runs over 70 mph. Keep it at 70 or below, though, and they'll be happy.