I think you're right. I had to have all 4 sets (pads and rotors) replaced today to get through the MOT at 103k miles on my M3P. I asked for the old ones back - and got the LHS set, which is very, very telling. In effect the pads were only having a real effect on about 30% of the disc in one case (on the inside, so I never saw it). The rest of the disc was unworn but corroded, and the pad adjacent to it was worn away.
I think what's happened is the pads are not homogeneous (a manufacturing fault). So some parts of the pads are not wearing the disc down, but are just being ground away while the remainder does work. Hence the extreme grooving, despite annual brake servicing and regular heavy use of the middle pedal.
Fortunately my father in law (now retired) was one of Girling/Lucas' top brake designers. I think I'll get his opinion, and will report back.
By the way, the new brakes are MUCH more effective. It's funny how you don't notice something creeping up very slowly...