Should i be worried that my rim is giving out with these type of bubbles and discoloration...

 

Well I'm not a materials or mechanical engineer, and I'm (we're) not seeing the rims in person, so my opinion isn't probably worth much from a measurable risk perspective.... but IMHO there's nothing to worry about as long as the rim isn't cracked, bent or the corrosion hasn't gone beyond the cosmetic/surface.

To me it appears that the painted finish is chipped and beginning to fail, which would be pretty normal for a well driven decade or more old car, especially in a salt rich environment.

The rims likely just need to be refinished, and there are many services that do so.

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Yup.. I second that. And for what it's worth, that's nowhere NEAR as bad as my BBS Montreals.. All 4 had serious finish loss, gauges in the aluminum, and the trim rings are completely destroyed. That's why I just sent the worst 2 off to be refinished. Can't wait for them to come back

 

You need new rotors too. ;-)
Vector