that is fairly typical of phil wood bottom brackets.. you'll know that everything is properly engaged if you can see the notches of the spines pressing flush against the cartridge bearing like in the picture that you've provided. be sure that the other side is the same. if there is a significant gap, then you'll know that you need to tighten it down more. in that case, i'd probably get the threads chased to avoid anything nasty. it's pretty easy to tell if things are too tight, because when you twist the spindle it will resist more than normal or even bind. my suspicion, though, is that you're totally fine.
one thing, though -- since the phil wood bottom brackets are fully adjustable, you'll need to take measurements to ensure that you have the chainline properly dialed in. i'm too lazy right now to write up the meat of the calculations, but if you tell me what bb length you need for your particular crankset and what phil spindle length you have, i can give you some numbers to check.