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Thanks so far for the input. Structurally the blade looks sound and I can't see any chips or cracking whatsoever. The spots look like rust, but fortunately they're not near the edge of the blade.
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Oops forgot the picture.

http://picasaweb.google.com/lh/photo/wTvta7jTiw9kth9pbeqNkQ?authkey=Gv1sRgCJOmhZ6Jkv_tGg&feat=directlink

My dearest wife, who normally doesn't support my addictions (guns, camping gear and golf) surprised me this morning with a vintage razor she picked up at an antique store on her lunch break. Her only...