1. The rug is gorgeous
2. It's not grey, more of a periwinkle blue and cream
3. Not sure that it will ever stop shedding.  I have two girls who are covered in short ivory bristles daily.  I've vacuumed it everyday for a week and it's clogged our vacuum hose twice.

Great looking rug and in the end you get what you pay for.  I'd consider keeping it If it wasn't for my girls that are always on the floor.