Stated simply, the polish does not do the blade justice.....
To explain in more detail Jason, here are the obvious shortcomings:
1) The hadori work is too thick and misshapen. The blade would seem to be done in either hitatsura or have extensive muneyaki. Generally, on a long blade, this would not be highlighted with hadori down the length of the blade. The one large dip along the back shown in your photos is in particular out of place. It is a clear sign to anyone familiar with proper polishing that this is the work of an amateur.
2) The hada looks frosted. This is common in the work of amateurs as well.
I can not speak to the foundation work as this is not readily observable from photo. You can point the blade so that it reflects a bare round light bulb and move the blade so the image of the bulb moves up and down the blade. Watch the reflection of the bulb. It should be a circle and stay a circle as the reflected image moves down the blade. If the surface has dips and swells, which indicate a wavey and thus poorly done foundation, the bulb image will distort back and forth from a circle to an oval and back again. I am willing to bet yours will distort...
A blade such as this one is very difficult to polish and really requires a trained professional to bring out the best in the blade. This is a good example of how an amateur polish can actually hide the best in a blade....
I hope this is of some help to you....