Mine is starting to show some wear as well. I know of a guy up the road from me that does a really good job on leather upholstery, I'm thinking about taking it to him to see if he can do anything with it
I was looking at a cover as well I guess, I got a wild idea and tried wrapping the wheel with para-cord (550 cord) which actually was pretty cool and kinda matched the interior, I unwrapped because I was worried the cord would damage the wheel more.
I'm guessing the little plastic covers for the controls pop off? might have to repaint or clear coat them so they at least don't wear any more
I don't want to cover the wheel since it's the PRO and has the nice red stitching. Mine hold up well but I love the feeling of the wheel when new. Over time the leather gets smooth and shiny. So....I had mine replaced just before my 3/36 was up (just pull a little of the string lace out...they replace it). I only have 26k miles on it but when it does get bad, I'll just replace the wheel again. I tried to leave the plastic on the one they replaced for as long as I could..lol. Lasted about 4 days!
I plan on keeping my truck as long as possible, so when the leather wheel wears out I plan on replacing it with a XE steering wheel. I hate the look of wheel covers, I'd rather have the more durable non-leather wheel.
Once the vehicle becomes old enough but you still intend to keep it, replacing a +$500 wheel every few years doesn't make much sense. I had to track down a used, but in good condition leather wheel for my 13 year old Maxima, took about 2 years to get one! I couldn't find any non-leather wheels for that car. Fortunately Titan XE's have plastic steering wheels that hold up better than leather....