Franco/Dwain, yes i guess much easier to see in hand.
Usually, the first thing i look for on O-suriage blades is signs of the hamon running down past the hamachi. Sometimes easy to see, sometimes difficult to see as it can vanish with the heat during the process.
The sword above stood out. If you roughly follow the line of the hamon then i see no reason why it should end where it ends (if blade shortened), looks intended to taper off past the Hamachi. It just don't vanish away like I would normally expect on an O-suriage blade.
Heres an example of what I would normally expect, don't think Ray will mind. http://swordsofjapan.com/project/shimada-naginatanaoshi/
Anyways, just thinking out loud, appreciate your input.
Ps Dwain, but back in the day I would have gone for something different, too much hamon makes a sword brittle, but that's another topic.