I have several batches in jars and all have different color and consistency. My first batch I ever made I got too excited by the reaction and added more and more iron... I ended up with about 1/2 a jar full of sludge. I actually still use that sludge/stain on certain things, and the pigment alone is useful as well (when dried and ground up). Subsequent batches I added iron more slowly and came away with stain more like what Mitch is showing - just a little sediment at the bottom that is of no concern.
Several years ago I had a bottle of Wahkon Bay before I started making my own. I only stained one rifle with it before I decided it was too dark for my tastes. I added different amounts of iron to it to see what would happen and shared my results here:
http://americanlongrifles.org/old_board/index.php?topic=9786.0 it's the old board, so you'll have to log in with your username and password. As you can see, different amounts of iron and acid will change how the stain reacts with the wood.
Long story short, don't worry too much about sediment - most of it will settle out and leave a clear stain. Even the sludge will eventually settle and leave a nice somewhat weak amber stain on top. Lastly, watch the lids on your mason jars, I've had a few rust right through even on well-spent stain
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-Eric