I've gotten this all resolved, but just wanted to put together a post to warn others of this possible failure. It's nothing severe, but warrants a good visual inspection so you don't end up stranded when your pulley decides to split in two....
I had noticed the rubber looking slightly ragged on the pulley, but didn't think much of it and mentally noted that I should keep an eye on it. Well, within a week, the belts kept loosening up, and when I went to tighten them up, I noticed that the crank pulley had completely delaminated and was in two seperate pieces.
I called around to various service/parts departments, and at first I got answers to the effect that this was unheard of and almost unbelievable, but the more I spoke with people the more it became apparent that this is in fact a common thing.
The fact that it happened to my car at only 40k seems to be a bit unusual, but I was told that the pulleys are normally replaced when the timing belt is and it seems that they are considered a 'wear' item... Why the pulley is designed like this slightly baffles me.
Anyway, heads up - take a look at your pulley