Jeff...Yep, looks like rust to me!
I've seen the "after" pics too....very nice
The jointer base is pretty good, but the knobs, connectors, screws etc are in need of a good cleaning. The fence is not as nice cosmetically as the base, but everything is there. I'm sure I'll need to paint it, so the base has to be done to match.
I found several pages of parts diagrams, lists and some mantainance procedures for it, so I'm not afraid of "ripping 'er apart"!
I've also got a stand for it, just have to put the Herc-U-Lift on it.