Groove's egged out beyond repair, drivelinks dragging in the bottom of the slot, looks ugly and you want a shiny new bar :^D Milled bars are worth putting more attention into repair than laminated. I've hammered the groove closed on a couple laminated bars, and I keep all of them dressed with the Pferd bar tool. Everything has a lifesapn though, and screwing with cheap laminated bars becomes more "expensive" than just buying a new one. Hammering them in shape only buys time. They seem to go out of true faster and faster. I haven't had to do any hammering on my milled bars yet.
As long as the sprocket works, and it's geometrically right, it's still good for a beater bar though. Save it and a natty old chain for cutting roots and stuff like that.