Well, the short version is that the limb collapsed the very first time I tried to make a full draw with it. I had just strung it for the first time and made a few half draws to get a feel for the limbs working. I had given it the once over after unpacking it and didn't find anything amiss. When I went to draw it back, the limb simple folded up right at the fade out. It wasn't a violent event, either. It was more akin to breaking a somewhat still green piece of wood.
It looks like the belly veneer failed right above the fade. It could have been an unseen pinhole, but it's a little difficult to tell.
At any rate, it's going back for an autopsy, and a new replacement is in the works.
Here are some more pics: