It's hiding a lot of rust, I can tell you that. It will need a new paint job (at least in the places on the body where rust is coming through), and you'll want to get rid of all that rust under the paint, which may be even worse once you sand it down.
I see some spots on the frame where it's very clean, but I also see some where it looks really bad. My personal opinion: If you've got 15k to spend, you can do much better.