Yes, with heavy use any hair-on hide will wear off on all the heavily rubbed spots.
Currently all the leathers we use are chrome tanned.
The longevity of your product really depends on its use; with proper care leather can last for years. Like most things if leather is left out in the elements it will age much quicker and be susceptible to damage. Store your leather products inside and out of the sun, wipe off any dirt or contaminants and treat occasionally.
Chrome tan leather requires less maintenance than other types of leather but it is still recommended to keep your leather products clean and dry and to occasionally apply a treatment. Generally for chrome tanned leathers a shoe wax or spray is used everything 6-12 months. Before using any products on your leather do a test in a inconspicuous area (try the inside zipper border or bottom of the bag).