I'm not totally in agreement with you on this one Jer.
I'm not sold on the idea of the glue failing.
The joint area of a cue is a flex point. Bare in mind that most joint tenons are 5/8" and are being asked to endure all the impact, flex, etc. that the cue will ever be subjected to. Yes, the joint area is a flex point. The pin tends to stiffen it but it still flexes. Ex : look at some of the earlier Meuccis & McDs. Right at the edge of where the shaft meets the joint collar, many of those cues show the finish lifting. This is because as the joint flexes, the finish is put into shear from it's opposing face and lifts from the surface.
In the case of the OP's cue, which we don't yet have a pic of, it could simply be a matter of where the bottom of the pin is, relative to the ring-work. This is totally a guess but one of the possibilities I'm envisioning. Anyway.....
I'd say that the age of the finish is as much to be suspect as anything else. Cues are MEANT to flex. As the finish ages, it gets harder and stiffer and really less willing to flex with the cue. Finishes today are maybe a little better than they were 14 yrs. ago but I guess we'll have to wait another 14 yrs. to see how our current finishes are holding up. Anyway.....
If this cue is a daily player then it's a 'pickem'. If you have the joint area spot-finished, it will look perfect but will look out of place to the rest of the cue. If you go for a total refinish, in time, it will eventually look like it does now. Pickem.....