Ok, so I finally got around to looking at my brakes (after several months of knowing that I should check them but not wanting to KNOW that it's about time to replace stuff).
I tried to spin the front wheels by hand and they are dragging badly. Then with the wheels off I inspected the calipers and pads. The driver’s side pad has some material left, but not much, and the passenger’s side pad is hardly visible. Both sides drag substantially, but by how little pad was left on the passenger’s side, I am thinking that side is worse. I can pull the pads back with a pair of vice grips, but as soon as you hit the brake pedal they go back to their 'dragging' state. The car has 199K on it and the brake hoses have cracks in them. I have not noticed any braking problems or decrease in performance. Any recommendations on if I can get away with slapping new pads in, or am I due for more severe repairs?