A drill bit for drilling a subterranean formation, comprising: a bit body bearing at least one gage pad and adapted for coupling to a drillstring; a set of accelerometers disposed in the drill bit and comprising a radial accelerometer for sensing radial acceleration of the drill bit and a tangential accelerometer for sensing tangential acceleration of the drill bit; and a data evaluation module operably coupled to the set of accelerometers and disposed in the drill bit and comprising a processor, a memory, and a communication port, the data evaluation module configured for: sampling acceleration information (620X, 620Y, 620Z) from the radial accelerometer and the tangential accelerometer over an analysis period; characterized by the data evaluation module further configured for: storing the acceleration information (620X, 620Y, 620Z) in the memory to generate an acceleration history (830, 835); analyzing the acceleration history (830, 835) to determine a distance traveled by the at least one gage pad; analyzing the acceleration history (830, 835) to determine at least one gage-cutting period and at least one gage-slipping period; and estimating a gage pad wear responsive to the analysis of the distance traveled, the at least one gage-cutting period, and the at least one gage-slipping period. a bit body bearing at least one gage pad and adapted for coupling to a drillstring; a set of accelerometers disposed in the drill bit and comprising a radial accelerometer for sensing radial acceleration of the drill bit and a tangential accelerometer for sensing tangential acceleration of the drill bit; and a data evaluation module operably coupled to the set of accelerometers and disposed in the drill bit and comprising a processor, a memory, and a communication port, the data evaluation module configured for: sampling acceleration information (620X, 620Y, 620Z) from the radial accelerometer and the tangential accelerometer over an analysis period; characterized by the data evaluation module further configured for: storing the acceleration information (620X, 620Y, 620Z) in the memory to generate an acceleration history (830, 835); analyzing the acceleration history (830, 835) to determine a distance traveled by the at least one gage pad; analyzing the acceleration history (830, 835) to determine at least one gage-cutting period and at least one gage-slipping period; and estimating a gage pad wear responsive to the analysis of the distance traveled, the at least one gage-cutting period, and the at least one gage-slipping period. sampling acceleration information (620X, 620Y, 620Z) from the radial accelerometer and the tangential accelerometer over an analysis period; storing the acceleration information (620X, 620Y, 620Z) in the memory to generate an acceleration history (830, 835); analyzing the acceleration history (830, 835) to determine a distance traveled by the at least one gage pad; analyzing the acceleration history (830, 835) to determine at least one gage-cutting period and at least one gage-slipping period; and estimating a gage pad wear responsive to the analysis of the distance traveled, the at least one gage-cutting period, and the at least one gage-slipping period.