On returning from a trip with the old passport, the agent mentioned that I should get a new one, as the lamination was coming off the old one, and it may be refused depending on who was looking at it.

I didn't even know it was bubbling (or that there was a group of passports that all had the same issue). Sure, once told where to look you could find some issue, but not by just flipping through it.

So in my case, you couldn't even tell there was damage. If you need to ask, then it's probably a good thing to get it replaced.