At least he looks like a Ronin.
This is weird. Pegaso have released two otherwise excellent models of "ronin" which just appeared to be samurai with ponytails! Now we get a peasant or farmer with a sword, which apparently makes him a ronin.
Ronin is a term of social status (or more accurately -the loss of it). How can you make a model of a class system?
I'm with Tomifune on this. A ronin still considered himself a samurai, and although they could become destitute and somewhat shabby, they would do everything to hang onto their status best-they-could, and distance themselves from the lower social classes. Many ronin still found paid work as sensei, or banded together to provide martial services to local villages or insurgencies - they did not all live in penury. Most would look and dress no different than any other samurai.
If this figure represents a ronin, turned to banditry, he's seriously under-equipped. If he's a farmer carrying a sword in feudal Japan, he's a dead man walking!
Even if he was a ronin; walking about dressed like that would be like painting a target on his head with "kill me now" written under it. Most samurai who were still affiliated to a Daimyo or clan would be looking to pick a fight with single ronin anyway, and would consider such an appearance insulting to the spirit of Bushido.
This model appeals to the romantic idea of a wandering free spirit, much like the impression many people have that ninja wandered around masked and dressed in black suits all the time. IMHO It's more a fantasy piece.