It depends on what you mean when you say you "condition" it regularly. Armorall will actually dry the leather out. The best thing to do is go to your local furniture store and buy an actuall leather cleaner. I also like to keep a dish towel in the truck to lay across the steering wheel to keep it out of direct sun light. Sounds extreme, but it works great.
My Steering wheel on my '06 F250 KR started doing the same thing after 3 years, only at the top. The rest of the interior leather is fine. The texture is rough and looks and feels terrible! I spoke to the dealer about it and they said they've never heard of that problem.
Their only fix was to replace the whole steering wheel for HUGE bucks. I resorted to buying a steering wheel cover. Ugh!!!