Oh, that's just your normal midlist book production, about as good as it gets (and it can get worse).
Yes, I've *seen* worse
It's lost at least one publisher a hardback sale - I didn't see why I should pay that price for something so shoddy (and difficult to actually read, because the page edges were grotty), when the paperback actually was better bound and trimmed. Maybe I just haven't done much hardback buying in fiction, but I don't recall seeing that sort of standard, or lack thereof, in British published hardbacks. Maybe the assumption there's different - that if you can't justify the cost of a proper hardback, you don't bother with a cheap and nasty one but go straight to paperback or trade format. At least with trade format you can have it guillotined properly.
I think the only hardback still in print is Full Frontal Murder, and I'm not sure about that; we're not informed when our books go out-of-print. That's one good thing about POD; your book is never OOP.
The SFWA wouldn't agree on that one... The big problem there, of course, is it being abused to allow the publisher to sit on the rights without doing anything to promote the book. If you've got a decent publisher, no problem.