My first post was from the perspective that bonsai is an expression of the essence of nature. The tree looks anything but natural.
However since we need to be open-minded here, we could look at this tree from a totally different perspective: bonsai as decorative art.
Decorative art forms have little to do with naturalness. They strive for pleasing shapes, texture, rhythm, colors. Just think of some of the Oriental gardens with trees displaying round, topiary-like foliage pads, neatly trimmed.
From that perspective, the tree is a good expression of this particular taste. The arrangement of the foliage pads is nice, and there is a pleasing contrast between the red live vein and white deadwood. It's totally abstract, neat, playful. It shows man's striving for perfection and his domination of nature.
This is all against my taste, it repulses me, but nevertheless, some people love this style.
Edit: this is why it is so important to understand what is behind a particular work, before passing judgment. I could say: the creator of this tree completely failed to express the image of an old tree growing in harsh conditions. But it may be that he had absolutely no intention to create such an image. In which case, I am the one who failed to understand what is the whole point here: to create abstract, decorative, geometrical forms that remotely resemble a tree. In short, a topiary.