From what little I can see: I am guessing bumper fillers, maybe some surface rust(drivers side of hood) and oxidation of paint. I can't tell if it is just a reflection off the front bumper or not, but the chrome looks a bit strange.
I think it is still pretty sharp. I fear this may be an outdated CL ad. I just looked at the sellers inventory and this isn't in it. It wasn't really realistic for me to chase anyhow. It is way up in Vermont, practically in Canada. I, on the other hand am in south central New Hampshire. My wife was excited about it though- so that is kind of a letdown.