Is it just the high E that's low, beecee? That definitely looks low, but the rest of it looks normal to me... You should slack the strings and take the saddle out. Might be they've removed the under-saddle transducer. Or, maybe they've shaved the saddle incorrectly. Either way, it all depends on how the previous owner set it up, beecee. I would just say that if the high E is hard to fret with the saddle that low, then that could be a sign of neck alignment trouble and might be more of a concern than just fashioning a new saddle for it (which is not a big deal).
It sure looks nice to me, beecee, but it all depends on how YOU feel about it.