I just spooled up some 14lb. SW XXX Mono on my spinnerbait rod. When I tied my lure on the first 6 inches of line looked like it had been tightened down in a bind with no lubrication. So, I retied, same results. I tied a palomar, was very careful to get all the slack out first, not put it in a bind (until cinching down), and was well lubricated. I tie all my other lines (that I use a palomar on) the same way, less carefully actually, and don't get these results. It kind of looks like old stretched out line that a cork with brass keepers has been slid down.

Anybody out there that can give me some feedback on this line? Is it not very abrasion resistant?

I use that line all the time and love it.  Sometimes when I tie a palomar and don't lubricate it, I get the same look that you ended up with, but have never had a problem with it.

I thought it had too much memory.

Ya I had some 12lb that did something very similar. It actually felt brittle to me right out of the package. I took it out 10 cast in there goes my lure (the line snapped and I have to be honest I've never broken line mid cast) 5 cast later the line twisted on itself half way between the rod and water. That was the end of my spiderwire mono experiment. I went back to berkley trilene xl mono. The only reason I tried the spiderwire is because I got it at a really good price. I was happy with the berkley.