I agree with DroidUser that we have to separate the two symptoms.
I've used rubbing alcohol and water for cleaning my band for months and all rubber parts are perfectly fine.
The bumps on the metal parts that others and I've seen on mine as well occurred over a only few days and did not change passed that. The bumps have not gotten any worse for over a month (even with continued cleaning with rubbing alcohol). I believe it was a single event that caused them, with probably too salty conditions or some trapped organic acids.
We also should not ignore the possibility that it could be a problem with the deposition of the metal caused during the manufacturing process. The corrosion seems to come from the metal sensor interface, not from the top, skin exposed area (therefore we see bumps and bubble like features with the skin of the metal still OK). If the chemical that causes the corrosion from underneath had a chance to get there throughout use then I consider that a manufacturing issue as well. The seam between metal and sensor or rubber is not sealed well enough (maybe mechanical stress leads to fine cracks that let salty/acidic fluid enter).
The metal corrosion does not seem to be wide-spread as far as I can tell. I got mine exchanged yesterday and will observe the new band carefully.
The pictures I've seen about the rubber skin look more like mechanical and friction fatigue to me. Maybe it is a combination of both mechanical stress and use of cleaning materials.
If somebody can send me just the rubber skin covering the batteries I could try some of this in the lab in a series of experiments (DMA fatigue tests with and without a set of cleaning chemicals, water etc. ). Otherwise it's just going to be more of a mystery why it happens for some and not others.
