RUG,
Which platform? Does the grip have a tacky consistency?
I have some Encore Pachmayr's that tend to leave some residue on my hands, particularly if I'm sweating. However, I've found that the Hogues feel stickier to me on my revolvers (as well as softer), but the models of both can break down if exposed to elements, prolonged heat, etc.
I would remove and clean with warm, soapy water and see if there's a film of sorts that can be removed. As far as the metal showing, sounds like something is amiss. You sure it's for the right gun/model?