What TD said is true, I pulled a car fax like report on my boat and it told me nothing I did not already know. two far more important factors are maint records and a good inspection. I am not sure where you are located but in the state of WA your title will say salvage on it if the boat was ever totaled by an insurance company.
Not to drag up old threads, but does this report list previous owners names and addresses? I need to find a previous owner of a boat in another state...