I climbed the first pitch last spring ('07) and we rapped off of a fixed anchor to the right of the belay. I don't recall the conditon of the slings, but neither do I recall any concern. It's a nice pitch with some zing to it right at the end.
FYI, a couple of months later I went back to see what the upper pitches were like. P.2 had enjoyable moves up a crack and overhang, but there was considerable loose rock above and one particularly nerve-rattling detached flake.