This is an abrasive disk, rotating at 1500 rpm. When I shine my flashlight at it, it carries the glow with it, approximately halfway around the disk. What am I seeing happen here?
I'm guessing it's an aluminum oxide abrasive? The abrasive is flourescing due to the little bit of uv coming out of the LEDs.
You might find this interesting, if you are grinding iron or steel then the grinding surface may not flouresce due to the iron bonding with the aluminum oxide.
This seems like a perfectly reasonable answer. OP! You could probably test this by changing the type of light you're using. Try a red laser pointer as a control, and a black light wand (the sort they use to detect counterfiet bills), and see what happens.