| er - no there isn't any side to side play
It's held in place by a circlip or spacer on the inside, depending on how old the bike is.
The reason they changed to the spacer is that the circlip can rotate and wear a bigger groove in the hub, thus giving more play and letting the sprocket carrier touch the inner hub. Check around the area for aluminium chippings if you are worried!
The cush drives do allow rotational movement, though if they are worn enough for it to be visible they probably need replacing | 
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