Rick - that's really funny. The same thing happened with me and my mat. got a little greedy with the flash paper - and 'woof!' there went my close up pad being a professional equipment anymore.
since then, I have gotten others, all which were ok at first, but later on, the material would separate from the rest of the mat. this would leave ribbs and wrinkles just making it look old.
I have now turned to pattricks mats. Its the best mat I have ever used, its as beautiful as tony clarks without the pattern which I hear can catch the cards. Look into those if you guys are interested in them.
as for any imperfections - thats just what happens with pads after a while of use, I would say get another if you can, and use this wrinkled one as a back up. Try washing it, gentle dry, and rolling it with the finish material out.