The actual diagnosis is patellofemoral arthralgia. The spacing between my bones was OK but the doc said my kneecaps track "high", though they didn't think that was in and of itself a "problem". Exercises include rolling out IT bands, hamstring and quad stretches, lots of varying leg exercises, and a lot of manual therapy with ligaments - both my IT bands and some internal work on my bad knee from the front and back of the knee.
My left leg is the bad one. If I am correct with how things look - my kneecap appears to ride out to the left (my left) with the motion of my leg. I noticed, also, that when standing with my knees locked, if I tighten my quad and pull my kneecap up it moves diagonally up and to the left. I asked about that today and showed my therapist and he seems to think that's just the IT band being real tight.
I had my knee taped up a few weeks ago. I didn't notice a whole lot of improvement there, but then again I never got on the bike to test that.