I just don't understand why the piece over the gauges is different, crappier plastic.

 

^ This. I'm not a fan of how cheap it feels. Still looking to get a Platinum leather one.
I don't think dashboards crack like they used to in cars that were produced 80's and earlier.
I could see mine fading if I lived in Arizona or Florida after 10 or so years.
If Coverking makes their dashboard covers like they do their seat covers, then that's who I'd look at.

 

My initial reason for asking was the previous owner decided to drill a hole in the dash for what I can only assume was a power cable for something hanging off the windshield.

It's not a big deal but I have to see it every time I get in the truck. I haven't priced out a new dash yet but I was hoping the ultimat would be a good solution. I'm not sold on the way it looks though.

 

^ That's a ball buster huh... why would somebody drill into the dash?
If I wanted something I would have tried going thru the middle tray/speaker or even the part above the gauges. Somewhere that's hidden or a part that's easily replaced. I understand what you mean.....
I would probably be looking into a dash cover too, if there was a hole that was bugging me.