Lots of nicks, scratches and rust spots. Some bubbling under the rear brake bridge and around the seatpost cluster. Two of the top tube cable guides have rusted through and the third one doesn't look too happy, either.
I looked at a lot of Fusos and found a red and black version I liked. Dave Moulton is supposed to be close to a deal on new decals so the bike should look like new when I get it back.