Not bad at all, especially considering its age, and it's more a lack of bluing on the left side than rust, and won't affect function at all. Should be a lot of fun to shoot.
Do you reload by any chance? Your gun will handle today's commercial loads without a problem, but I like to baby mine with mild handloads that still cycle just fine and put a little less stress on the recoil spring/frame etc. I had a light strike problem with my smaller pistol (the .25 ACP Vest Pocket shown in my first post) that was cured with a replacement firing pin spring.
My guns include S&W and Colt revolvers, Colt and Ruger pistols, Remington 870 shotgun, Henry and Marlin .22LR rifles, Hi-Point 9mm carbine and Lancaster Arms AK. I reload handgun rounds with a Lee hand press, over 18K rounds since Nov. 2009 with nary a squib nor kaboom.