It's in excellent vintage condition! I see random feathers wanting to poke through, which is normal. The sturdy metal zipper works as it should. It wouldn't be able to unzip to make a flat blanket due to the zipper stopping at the ankles and the top stops at the chin area. It's meant to just show the sleeper's face.
Excellent for extreme cold weather. In lots of snowfall or rain, I would use this inside another lighter bag. It comes with it's bag with a loop to hang it.