It means that even though the item is used thoroughly, that it shows no signs of being used.
Even though the punter has appeared in every game this season, his uniform is "no worse for wear".

Eminem's lyrics in Alchemist Freestyle:

Yea I'm back, looking no worse for wear
Got these haters mad enough to rip out their hair, start punching the air
by tina_macgirl July 28, 2010

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