It will only get worse, but how long before it causes real trouble (bearing failure) is anyone's guess.
[on edit] it also looks like the area where the seal runs is pitted as well. A new seal isn't going to last that long, but you might be able to use a short speedy sleeve over the seal area. The problem with that is you'd need a LOOONG sleeve driver to install it.
Phil (Phak1) repaired his axles by pressing on a sleeve used on car axles, IIRC.
Here's a
LINK to where he describes it along with a drawing.
