Anyone care to speculate on the effects?

A Healthy Looking Ghoul?

ah, but could a ghoul ever look healthy?

Why Not... they can get Cosmetic Surgery to remove the telltale signs of them being a Ghoul, so Why would they have any difficulty appearing healthy with Magic?

Still looks like a Ghoul.
White Skin, dull eyes, no hir, big teeth, big claws, long arms.
Just looks like an incredibly healthy specimen of it's race . .
Meaning it's eating regularly and quite often. Yes. exactly.

Whether or not it's particularly healthy-looking, I wouldn't want to enter into close combat with one. Just sayin'.

Wise words. And i should know, since they are my own ^^

If magic is about "true" forms, and a ghoul's true form is, well, ghoulish, and Healthy Glow gives you a form that is closer to your true, healthy form, then yeah. Ghoul that's well-fed.