Well, it has that "Made by Windlass" look to it, but I think at the price it could be transformed into something pretty nice with a little elbow grease. Definately rewrap the grip (in fact, I'd say you should replace it entirely, based on my experience with MRL swords). That alone would make a huge difference. You should also round the edges on the pommel more. If you have the ability, thinning out the guard subtly would make it look nicer and more like period pieces as well.
Sean Flynt on myArmoury has done quite a number of "makeovers" for Windlass pieces, and he's really shown that a cheap, close-out MRL piece can be turned into a pretty good sword if you're willing to do some work. And this particular one has certainly got the right price... I may pick one up myself...
