shape
carat
color
clarity

is this what you call a peg head setting?

Yes, and there is nothing inherently wrong with a peg head setting. An integrated head is custom fit specifically to the stone and looks more refined and custom. The advantages of peg heads are their versatility and ease in removal to fit a bigger stone and / or different shaped stone. This setting looks to be in decent condition although one or two prongs might need work.
 
Thank you so much, dear Chrono. I always appreciate your kind and knowledgeable input. :wavey:
 
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