Looks in good shape IMO. I think people are confusing the shock of seeing him in that condition when he was always a bit flabby to him actually looking unhealthy. Looks to me like he should probably have been fighting at this weight his entire career; its probably far too late in the day now and whatever punch resistance he started off with has eroded into rhubarb crumble.
He's always looked like a tall bloke, with great power, who cannot hold himself that well against the tough, physically stronger and thicker set fighters who can take his power and then throw power shots back. He's tall, but not a big build, if he trains properly and can keep his weight down, including a healthy new diet etc, I don't see why he cannot be a force at 175lbs. He will be big and tall enough to keep fighters away from him and the current light heavyweights and super middleweight etc don't carry Haye, Frenkel, Lebedev type power. I reckon he can pick up a British belt, Commonwealth etc within a few more fights, I'll say the opposite and think that he won't be a KO waiting to happen.
Maybe its the fact he has always thought at Cruserweight and it was the shock factor , when i saw him in that lean condition. Anyway for all you know he might have AIDS.. :yep