Here's the story: A few metal halide bulbs are vacuum sealed glass envelopes. To create a vacuum, the air is sucked out and a device called the getter is activated. During activiation, the getter discharges a silvery chemical (which is what you see on your good bulb). This discharge is usually called the getter flashing. The purpose of this flashing/getter is to oxidize any stray gas inside the vacuum, thus helping to maintain a good gasless vacuum. When exposed to significant quantities of air, the flashing turns white from oxidization. Thus, if you see white, chalky material in your tube, it means the vacuum has been compromised.
I don't know how critical the vacuum is for MH tubes, but I can only presume that it was concious and important design choice. Without a good vacuum, your tube may fail or operate way out of safe tolerances. I recommend you replace that tube.
I'm a big vacuum tube audio guy, so it was naturally very interesting for me to see getter technology used in MH bulbs 8)