Apparently some are as-new while others are really really rough. CMP typically inspects every rifle before selling them as the various grades they offer.
When they had Korean, Danish, Turkish etc. M1's, they would typically reduce the rough guns to parts, inspect the parts, refinish the ones that had surface rust, scrap the parts that were out of service grade spec, and build up "new" rifles from the parts. This is how in the past they offered guns iwth new Citadel or Criterion barrels, new wood, etc.
I have no doubt they will sell a lot of very nice rifles to people from this batch, either "as issued", or rebuilt.
CMP is officially affiliated with the Defence Logistics Agency, which is the civilian procurement arm of the pentagon. So when CMP rebuilds a rifle they use US Government gauges, the US Technical manuals, and a large volume of USGI parts. In a way, it's been rebuilt by the US Government (or an agency that operates on a US Government congressional mandate) - hardly a bubba endeavour.