It is rust free in the normal rust spots (fender wells, underbody, floor boards, etc.), the top of the cabin has some minor surface rust (the truck sat for long periods as it was used as a hunting truck). The cabin was also full of clay dust when I bought. After a good cleaning of the interior all is looking well. The rust on top of the cab just needs to be stripped and sealed/painted.
I will need to purchase some stuff before I'm ready to do this as all of my tools went with the family to California last summer. Need a drill primarily to remove the rust. Then I plan on using rattlecan primer and paint with a few coats of clear. I did this for a set of wheels in the past and they came out nice. I like the fact that autozone carries GM-paint spray cans. Very nice.
I will have to shoot some pictures of the interior as it is completely bare.
There are no rear side panels or speakers, the metal of the truck is all that is there. Instead of carpet there is a rubber mat throughout. The only downside is the A/C doesn't work (hoses). The actual truck is a joy to drive with it's simplicity (compared to the 944's I owned).
I look forward to driving this truck until I buy another Porsche; then it will turn into a very nice "parts rig". I'm not sure I'll turn it into a rock-crawler, I've never offroaded to offroad. It has always been to go camping or for some other reason. I did find DE with the 944s was lots of fun and I'd like to do some SCCA racing in the future.