The car has undergone a comprehensive refurbishment, including a re-shell and significant upgrades to the engine, brakes, suspension, and interior. While the restoration is extensive and the car is in excellent mechanical condition with many new parts, the description mentions some cosmetic imperfections during the process (e.g., wrong topcoat applied initially, requiring paint flattening and polishing) and modifications to fit the wheels. The statement 'built not for the purists or concourse' suggests it's a driver's car rather than a perfectly preserved original, hence a 'Very Good' rating. It requires minor reconditioning as it's a recently completed build with potential for minor adjustments or detailing.