It looks dark to me, but I love that look, particularly on classic old tools. To me it says this saw has a history, has been well used and taken care of and has a 100 years more use in it.
Really, it's all about personal preference.
On saw handles I use BLO, you can topcoat with almost anything after that including poly, wax, lacquer or shellac. I made a couple of new ones in the last year and treated with BLO followed by poly. I've got several old ones that I have just cleaned and waxed.
If you haven't yet, visit the site Hosted by Firemedic (Jean)
http://www.creoleproject.blogspot.com/ On the right hand side there should be a link on cleaning and restoring wood tools.