Hi Steve,
The output of the show failover looks like this sometimes:
On the Active host:
Active time x (sec)
Interface 3 (IP address) Normal (Waiting)
Interface 2 (IP address) Normal (Waiting)
Interface 1 (IP address) Normal
Interface 0 (IP address) Normal
On the Standby host
Active time x (sec)
Interface 3 (IP address) Normal (Waiting)
Interface 2 (IP address) Normal (Waiting)
Interface 1 (IP address) Normal (Waiting)
Interface 0 (IP address) Normal
So I don't think there is a problem with the NIC. However if you see a Failed (Waiting) message in place of the Normal (Waiting), then it would mean that the FT is not working correctly and you could the issue a "failover reset" command on the backup LD.
Hope this helps!
-Oscar