Over the last forty years of working on bicycles I have been asked the question many, many times. So what is the answer? Campy for years has always sent their hubs a little loose allowing for compression of the quick release to bring the hub into perfect adjustment. There is also compression a factor occurs with less expensive hubs, but the manufactures tend to send the hub out adjusted with a preload or maybe you call it poorly adjusted.
It has always been my experience that most hubs cone adjustment should be just a little loose to allow for the compressing of the locknuts and cones for a better adjustment. Some of you may not agree, but this is how I have been doing it for years with great results. We always check the adjustment on new bicycle and historically the hubs are tight. We could certainly increase our repair business if we did not readjust to the standard that has worked for all these years. Once adjusted we always use the leverage of the wheel installed on the bicycle to validate the adjustment.
John Alden
Chico, CA