Shaun,
I am in no way an expert but it almost looks like the drive was not prepped properly before the paint. Lets consider this a bump to your thread & hope some more experienced guys chime in. As new as the drive looks though, I'm guessing this is NOT normal.
I had the same thing happen to ours after the first year. I worked with our dealer and Sea Ray and they replaced the lower portion of the drive under warranty. As stated previously, the unit was not prepped properly and the finish coat did not adhere.
Spoke with Marine Max on Friday. They said Mercury would not cover under warranty, which I find absurd. Going to call Mercury directly on Monday to see whats up. Don't see how they can find this acceptable on a drive that's less than 2 years old. BTW, I don't see the pics anymore?