Yea, looks like separation starting. As stated above the bubble should have no effect on images, and isn’t that unusual in old lenses. The separation shouldn’t affect image making, but it will have a BIG effect on resale value. I bought a
2.8E with 2-3mm of separation for a good price and it takes wonderful pictures. I have moved on to a 3.5F and haven’t been able to unload the 2.8 for what I paid for it. I haven’t found anyone who would perform the re-cement work that I really don’t want to take on myself.