Thanks for the replies.
I cleaned the knife when I got it pretty well and then lubed it so it's clean. The play I am talking about is with the blade open and locked and is the sideways movement of the blade. There is also a perceivable amount of play on the lock, by that i mean it's not a rock solid lock on the blade when pushing down on the blade. I bought this knife new from a buck retailer over the net so I did not have a chance to inspect it before buying it, had I been purchasing from a store I would have asked for another one as I feel the play is just a little too much.
Would this be covered by warranty?
I have a slightly used inverted "Buck USA" 110 coming in from an ebay purchase over the next couple of days and will be curious to see how it compares to my new one.