It doesn't look bad at all. BUT there's more lurking than what you see. Time to get to cutting.

 

Not bad so far...
They would rust first there because water got trapped in a low spot there under a trunk mat.

 

When the body panels were first welded, or bucked together, they started out on a movable jig at the head of the assembly line. The donut shaped holes, missing paint, are where the body was attached to the jig. There are more jig attach points at the front and mid section of the body. The body and jig moved to the spray booth and the attach points covered those donut sections and were not painted, both top and bottom, that is why you have rust on both sides of those particular panels. Concourse correct cars will have those areas unpainted.

 

I wondered why there was no paint around the plugs.