Well, I just opened the box, and I was very happy to find it in much better condition than I expected. The pipe has been repainted... and the eBay pictures had been weak. But incredibly the pipe seems to be dent free with only minor scratches! With a good cleanup it should come out looking very good, close to "like new" I hope.
The headers have a rough texture. I assume this is from rust and pitting. Old headers are just like this; with the exhaust heat the original finish dies quickly and corrosion sets in. But the headers are still very solid with no scrapes or dents. Again with some nice finishing they will look fine (although they will keep the pebbled texture, I don't know any sensible way to fix that).
The inside of the exhaust looks very clean and the baffle is solid. I was shocked that wasn't rusted to bits. Its a street baffle, so it won't be too loud.