Well, that is where a frame would bend if it was crashed head on. Looks sort of bent too but it's hard to tell. It appears to be some pretty bad rust too.
If it isn't too far out of your way I would just go and inspect it before I bought it, but it looks kinda bad.

edit: are those campy wheels? if you can convince the guy that the frame is a write off you might be able to score a good deal on the components.