In my opinion only the paint is 'ugly'. But it's supposed to be that way, right..? This bike has loads of pottential. That rack/seat set-up is a great idea! You did some serious welding only not on the main frame. The transformation is dramatic! In a good way: You've made a modern bike look like a vintage one. And I don't mean the fake 'old paint', but the bike in general. The lines. It's silhouette. If you said it was a pre 1970, I'd believe you right away.
Well done.
And yes, I definately want to see this one done for looks after this build off...