I'm thinking the same thing..poor feed and worms. Get him home, get him on some good feed, get him wormed a few times more than normal and groom him up a bit and I bet you'll have a totally different looking horse on your hands. From what I can see in the pics, I like the way he is built! And that pic of him stepping out just makes me think he is going to be a dream to ride. He shows a nice long forearm and a long stride to go with it. I think if you get him working good and get his hind end under him your going to have one very smooth power house of a horse. Even with the belly and the ungroomed coat, I think he is a very pretty horse, I love the sliverish-grey-blue color of his coat. Even his mane has the same colors, unlike many horses of his coloring that just have a much darker mane and tail. Hes a looker thats for sure!
Is he a paint? The 2nd pic of him really show off a cool lighter/whitish marking on his belly. He also looks to have a bit of white on his face?