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Originally Posted by tesprit
If it bothers you, you might try sanding off as much rust as possible with some emery cloth and painting the rust spots with a rust prevention paint.
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POR-15 comes highly recommended for this task. It comes in colors too (at least black and the sliver that I've bought in the past). Paint it on, and it converts the rust to an oxide that won't rust anymore, and colors things the color of the POR-15 paint.
If you think that is bad rust, look under any other new car. Especially look at the typical transmission, steering knuckles, rear axles, drive shafts etc. Anything make of steel and especially cast iron.

But although it looks tacky, it usually isn't a problem at all and will not degrade over time unlike rusting body panels or thin sheet metal.