I thought it looked waxed. So it pretty much is a waxed Series III, but maybe less imperfections?
Kinda, the Grezza seems to be more of a predecessor to the Series III, and it was available with or without the wax finish. I have a hard time telling what's waxed and what's dyed (poor eyesight).
At least that's according to the nice lady running the local shop.
As for imperfections, I don't have a Series III (yet) to compare it to, I count 3 fills, 2 are quite visible in the 2nd pic. Other than that, and the strange grain, It is drilled to perfection, smokes perfectly.
Best 25$CAD Iv'e spent on pipes so far, and it was unsmoked.