I'll throw my 2 cents in:
First, from what I can tell from the picture, I have to agree with Jake somewhat. He looks shallow in the chest area, and doesn't appear to have much spring of rib or capacity. He looks to be somewhere between weanling and yearling in this pic, so hopefully he will grow out a little nicer than he looks now.
I knew even before I looked up his spring 06 numbers that his CED and BW were not even close to being accurate on the website you gave us. With Governor on the maternal side, you better be prepared to end up closer to a -5 on CED and about a 5 or 6 BW, especially being as he had a 98 lb actual BW. I like M326 a lot and am heavily considering using him on some of my second calvers this spring. He seems to be a good growth bull with a decent sized actual REA and some good IMF numbers, both traits that are the wave of the future IMO.
My thoughts: he would make a fair cleanup bull, or a pretty decent bull for commercial angus cows. As far as basing a major part of my herd on him, I'd be a little leary. IMO picking a yearling bull is hard as they are in kind of an awkward stage and may not look as good as they truly are. Much easier to pick 2-3 yr olds. Problem is, by then, they are pretty picked over. Good luck with him, and let us know how his first calves turn out.