This is a pattern welded blade and what is showing now is fairly indicitive of what would be brought out or enhanced, a sort of open distorted lamination. I think Jens is fond of this type of pattern. What you will probably see is some lamellar activity along the edge and spine and the central portion of the blade will be the open, distorted lamination like what you see. An etch may accentuate some heat treatment to the blade as well which would show in changes in color tone. The blade seems to be in good enough shape, ie, no pitting or heavy oxidation that it should be fairly easy to etch.
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