I'm certainly no expert on MIM steel parts, but I think you are correct in your assessment at least in terms of corrosion. The concern is not so much about exposing the polished area to increased wear, but polishing would certainly seem to make the area more vulnerable to oxidation.
I'm not sure about the harness of the steel MIM internals in the S&W revolvers, but unlike typical case hardening, the hardness of MIM parts is consistent all the way through the part, not just on the exterior surface. Don't know about everyone else's perceptions, but from working with MIM parts over the past few years, they seem to me to be harder than the OEM forged parts. Time will tell, I suppose.