AARON GOSS has this to say about bearing play (speaking of the Alfine-11):
"The hub is adjusted the same as any cup-and-cone hub. However, to do an accurate job, the right side of the axle needs to be clamped in a vise. Then just take out the play and lock down the locknut. Double check your adjustment at the rim for play. You want to just eliminate the play. While a little play is OK, too much will damage the races or cause other internal problems. A tiny amount of play is OK. However that recommendation is for old hubs. Modern high-quality hubs like Shimano should be adjusted with no play." (Bold is mine)
(SOURCE)