I'm looking for weigh-in on the proper adjustment of a cup and spindle BB. I've read articles on the subject by Sheldon Brown and Jobst Brandt, and they both seem to know what they're talking about, but also seem to differ a bit. Sheldon says better a little loose than too tight; Jobst says a bit of preload is desirable to maximize bearing contact, which suggests a little tighter is better ("Because the steel of the spindle, balls and cups is elastic, the load can be distributed over several balls, but only if these parts are already in contact before the load is applied...In a correctly adjusted bearing, the spindle should not spin freely were it not greased.")

My French bike and I appreciate your feedback.

I usually adjust to the point of no free play on the spindle--but just. By free play, I mean being able to move the spindle up and down, or front to back, relative to the bike.

+1. The target for adjusting ANY cup and cone bearing is: no play and as little friction as possible.

You should eliminate the wobble entirely, even if it means introducing a little bit of friction.

As loose as you can without play.

I prefer the Park Tools instructions, especially for wheel hubs.

Hub bearings are a bit different since you intentionally leave a (very) small amount of play to allow for the compression caused by tightening by the qr skewer.

Bottom brackets should be adjusted with the drive side crank arm installed since play you can feel with the bare spindle is way too much. The crank arm gives enough leverage that you can feel even very small play and adjust it out.

Yeah, the trick is to get the thing tight without changing the (zero) preload.