http://www.cricketbatwillow.com/blades-grading
I judge my grading based on what JS Wright say. Grading of willow is done on looks only. (I'm not getting into density or crown willow for pros here) Grading doesn't take into account ping or pickup, its all about the looks of the willow. If you want to grade that way that's fine, but it's not the traditional way. The link above is JS Wrights take on all this.
There is no industry standard for willow grading. JS Wrights happen To be the biggest willow merchant but that doesn't mean their opinion on grading is industry wide fact. GN grow and process all their own willow, completely outside the willow merchant model so can grade as they see fit. Matt at H4L doesn't use JS Wright, so shouldn't be judged on their system.
As I said, there is no industry standard, or regulatory body overseeing things and ensuring merchants/batmakers are grading fairly. To the point where if I chose to do so, I could put a handle into an old chair leg and sell it as grade 1. It is grade 1 because I, the bat maker, say it's grade 1.
Grading is all opinion, and the only opinion that matters is that of the bat maker and the buyer. People picking over pinknots etc from photos are not relevant at all.
Matt was obviously happy with the bat when he made it, so was I when I picked it out, and the buyer seems delighted too, nothing else matters and will only serve to take us round in circles as the grading debate has been done to death on the forum already.