I was parked in town the other day - in the sun... when I got home I noticed the LHS (passenger side) wheel had grease splattered on it. On closer inspection, I noticed it was coming out of the dust cover over the wheel bearing! It worried me, but I jacked up the car and spun the wheel (I didnt have many tools on me & not much time so I didnt loosen anything) & all I heard was the disk pads on the disk... checked for shaking - there was none.

I spoke to an uncle who has worked on all his own cars and he said it sounds like the grease was old. I should clean it out, check for signs of bearing failure and replace with new bearing grease.
Thing is, I replaced both wheel bearings less than six months ago-although it was only the outer bearings. I also put the best quality bearings I could find - some german make. So I doubt the bearings could be worn by now?