I have the horse pad one. I got the saddle pad (30 inches x 30 inches) and cut it into four, which gave me a 15 inch square pad x 4 pads. Friends split the cost.
Recently I ordered another pad, and the price of the pad had dropped to half the original cost a year ago. (Maybe the horse shop ordered a larger quantity because of quilters buying them? The store clerk made a sarcastic remark about "I suppose you're going to use this for quilting and not for a horse")
I have been using my original one for almost a year, and I use it a lot, I have never gotten any lanolin coming out of it, and I use steam, If I'm remembering correctly, steam is used to felt wool, so the steam should help it fuse more not make it separate...
I ordered another full pad as I intend to make a full sized ironing board pad for my ironing board. Then I'll use the other smaller one for a travel version,