Not sure what I am seeing on this cam

That looks familiar - I pulled a Comp 268 out of a low mileage 340 last summer that looked similar, no real polish to the surfaces - looked dull and had small "bubbles" (pinholes) over much of the surfaces - I guess porous metal fits the description, but not sure why it looked that way. Looked like doodoo so I went with a Voodoo (sorry, couldn't help it). I still have the cam and may post pics later.