Bruce, That wheel is fine.
Keeping a wheel like that in good shape is a Zen-like behavior. Be one with the wheel. You have worn some fairly deep gouges in there, but next few times you use it you should use the flat face of it. This may take more than the next few times. You won't have it smooth until you have it smooth.
The wheel does a good job of deburring edges in the parallel fashion, but try it perpendicular. You will be surprised at how well it works at taking off the edge.
Whenever my wheel gets grooved, I find some heavy stock that needs polishing and it takes the edge off real nice.
You have abused that wheel pretty good. Try not to let it get that bad in the future and it won't take too long to straighten it out.
Also, try taking it off and spinning it in the other direction. It helps keep the edges square.

CJ