Well it's spalted, but not as highly spalted as some. There have been a lot of guitars on here with 'prettier' spalted tops than that. Possibly because it looks to be a single piece of veneer rather than a two-piece book-match, so it lacks the symmetry of that style of guitar.

Otherwise there's a small knot on the ash in the back, but that's about all I can see.

Maybe they wanted a bound F-hole, or a bound neck, or drilled for string-through but it didn't come with that.

But it should make a very nice guitar.