EZ is right. It looks like nothing when you're working on it.
Step 1 complete -- all the decreases done.
Step 2 complete -- the first phase of increases, to the neck shaping.
I'm changing colours at the end of each major phase. The first green section goes until you increase at the cuff. Then it's pink for the decrease section, and green for the first increase section.
Looked at it another way, the first section creates a u-shaped piece of knitting with decreases... and the increases are creating a second u-shape, attached to the first. See the green section folded on top of the pink.
Interesting, but still doesn't look like anything.
But fold it appropriately, you get something which actually looks like a sweater.