Somewhat contradicting myself, but from Wiki:
Split leather is leather created from the fibrous part of the hide left once the top-grain of the rawhide has been separated from the hide. During the splitting operation, the top-grain and drop split are separated. The drop split can be further split (thickness allowing) into a middle split and a flesh split. In very thick hides, the middle split can be separated into multiple layers until the thickness prevents further splitting. Split leather then has an artificial layer applied to the surface of the split and is embossed with a leather grain (bycast leather). Splits are also used to create suede. The strongest suedes are usually made from grain splits (that have the grain completely removed) or from the flesh split that has been shaved to the correct thickness. Suede is "fuzzy" on both sides. Manufacturers use a variety of techniques to make suede from full-grain. A reversed suede is a grained leather that has been designed into the leather article with the grain facing away from the visible surface. It is not considered to be a true form of suede.
So, to some extent, Lefty, we're both right.