Man that sucks.
You almost wish it was bad, so you really had to do something about it. Lexol is what i use religously to maintain my leather, I will argue that it is the single best leather treatment out there (I have tried all of the others) It is great for treating cracks and stuff, the only thing is, you usually only find it at a tack shop (horse stuff).
That woolies company which the actual link is (HERE)
, is a product that a Bimmer Magazine did a big story on. In one of my older issues (08.01), they restored a pair of ///M6 seats and the pictures make look like that stuff is gold (they say it will fix anything). They recomend they recomend the renovation kit #2.