The Pugsley has very old outdated standards (135mm rear hub etc.) and is a heavy steel pig. It is basically an attempt on a fatbike before they built actual fatbike hardware.For the same price or less you can get a fatbike from bikesdirect with the (older but better than a pugsley) 177mm TA. Better get one with 197mm TA for up to 5" tires.
Other than that, condition of all wear parts and bearings may be good or bad depending on what it was used for. Like for any other bike.