First, the scan. While it is highly readable, you can see the printing on the back side for most pages. It's not a huge issue, but certainly worth mentioning.
The product itself is quite useful. There is, in typical 2E style, a plethora of information and suggested rules for sea adventuring. Most of these would take some tweaking before being used in D&D next, but the concepts behind the rules as presented here are sound. A great source of inspiration for making your naval or underwater campaign memorable.