Originally Posted by Rowan
Free with no play on BB, and solid wheel axles. With QR axles, you need to have the very slightest play because the action of closing the QR tightens the preload on the bearings. Practise on your wheels. If you still have play after fitting them to the bike and doing up the QR, they were too loose.
+1
I actually get the hubs as close as I can, then between hub maintenance cycles, I actually adjust the QR tension +/- 1/16 of a turn to get that perfect balance. I'm always making sure the QR is tight enough, but you do have some wiggle room in how tight it is.