that looks dangerous James!
SO i took the car by my Indy (who is also a friend and someone who has been working on P-cars for 20+ years). Let him drive it and he agreed that it was not a wheel bearing noise. He likened it to a seal that had dried up type of noise. Definitely rotational and coming from driver's side rear wheel area. No fluids visible, no cracks/leaks around CV's. Again, this is more of a "squeak" type sound, not a grinding/howl like a wheel bearing would make.
Was going to attempt to run the car with the rear on stands to see if the load on the rear makes any difference with the issue.
Any other ideas/recommendations? I may end up taking it to the stealership to have them listen to it.