The usual hedge that its photos, but purposefully pessimistic and direct take - the blade is in full polish and is already rather tired. The polish could be brighter etc., but its rolling a die and there is not a lot on the upside.
Yes, the blade does not sparkle, its grey, its ko nie. Some of it basically its age, some of it - it is not A tier Sa work.
I've been many times along this road, holding a blade where you see something brilliant if you look there at this angle... and the polish very seldom manages to just accent the right stuff as one envisions and hopes.
Crossing into insulting speculations territory and going even further - it has distinguished history, if it was submitted today without it... possible it would get Bungo Tomoyuki, which is sort of similar suguha based with ko nie Yamato-Soshu-Sa activities and roughish hada... Or Sue Sa.