Yeah, it looks surprisingly bad. I guess this is an attempt to be totally honest about the material and construction: a naked bike sealed in resin for the world to see. But it looks like they've sealed over rust and scale as well as that honest steel and brass.
I compare it (in my memory) to some of the "naked" samples shown at the NAHMBS by such as Richard Sachs and Jeff Lyons (?), examples that were made to show how cleanly those guys braze, and their stuff just gleamed compared to this. Of course, there's a difference between a frame made for show display and one made to ride.
Too bad there isn't a steel bike tubing with the properties of Cor-ten construction steel: made to rust on the surface only and then stop.