Good structure,
and hard to disguise completely, as the grain directions of the two joined caps are necessarily so divergent -- the reason for the joint in the first place. I assume the rest of the back is formed veneer (plywood). At greater trouble and expense, the top caps of solid wood could have been replaced by a single piece, a curved lamination.
Flexing of the back in use would endanger the joint in the cap, unless it were reinforced as we see it. This cap stiffens the back a great deal, I would think . . .
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