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Information Junky
Join Date: Mar 2001
Location: an island, upper left coast, USA
Posts: 73,189
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Yeah, but that upper bearing isn't seeing high loading. Both the load and the velocity are relatively tiny. And, most wheel bearing grease will stay stable for decades upon decades. The biggest threat to that bearing is rust.
Again, on the lower, that big ring of degraded plastic is just that. Hardened steel bearings will squish that stuff back to a petroleum product - hey, new grease! (kidding)
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Everyone you meet knows something you don't. - - - and a whole bunch of crap that is wrong.
Disclaimer: the above was 2¢ worth.
More information is available as my professional opinion, which is provided for an exorbitant fee. 
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