Ed and Sam,
That's a good looking gun. As Jim pointed out, it is refinished, and that will hold down its value to a collector. But it would make a very good looking shooter, and I wouldn't hesitate to give this one lots of range time and subsequent good care. It looks pretty good now and there's no reason for it not to continue to look that good in years to come, even with regular use.
My 1905 Fourth Change Target that I mentioned in the other thread has not been refinished but does not look that good. I just put a humpback hammer on mine this afternoon. In order not to go sideways to a different gun on this thread, I will start yet another one about M&P Target models.