I think its the angle. i know Fugly has a thing about horses with "nests" (where their neck and chest are practically indistinguishable) and this mare is a bit "nesty", but the rest of her looks nice enough.
Wouldn't fancy trying to stop her with that neck, though - if she set it and went, you could haul all day before she even noticed !
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Looks like it may have been underweight at some point and has been built back up but without much emphasis on building up the muscles.
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I agree with Tia, my mare (middleweight ID X, very good doer, naturally has a big belly if she's skinny or fat) came to me very poor and with myself being inexperienced with building poor condition up to good condition, she ended up looking rather similar to this mare!
Actually this horse bears a striking resemblance to my horse, except in heavyweight form! I really like her.