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I think both the check and bad glue joint could be repaired but the rest of the glue lines may be a concern depending on the cause of the problem. The oil wax finish makes this a lot easier.
I use oil/wax finishes a lot. I live in Colorado, so once the wood gets down to about 6% moisture content, it stays there. However, I have done oil/wax finished boards for high moisture applications like bathroom counter tops. For those applications, I rub in a lot of coats (15-20) to isolate the wood from the moisture as much as possible. In general, I'm a bit scared of oil finishes when there is a lot of change in relative humidity.
I know there are other factors involved oil finishes, like the % of solids in the oil, whether the finish is rubbed with wet/dry sandpaper so that wood dust fills the grain, and so on. I generally mix some poly varnish in with the oil and wet sand with 600 grit or higher. If I want a better finish, I rub in more coats and sand to finer grits.
If this is a commercially produced table, I'd be wiling to bet that the oil finish was applied with just the final look in mind. As
@Oldwood mentioned, an oil finish is (relatively) easy to repair, although you still have a account for changes in the color of the wood over time due to UV, sanding and buffing patterns, and so on.
As others have mentioned, I'd be surprised if these issues didn't get worse over time, particularly if you have big seasonal swings in relatively humidity, either due to natural weather patterns or to heating/cooling systems that only kick in during certain times of the year. In my experience, day/night swings in humidity don't affect wood much.
As an aside, I'd be interested in a thread on how people have fine-tuned their oil finishing techniques over the years, either with specific products or specific techniques.