Kinda, but no.
My Leatherman's all have a LITTLE BIT of play in the screwdrivers, and a LITTLE BIT of play between the handles when they are closed.
My Rebar has a bit of play in the blade, but my Juice S2 blade is rock solid with a really strong backspring (its a slipjoint).
So, on a scale of 1-10, 10 being a whole lot of bladeplay, "normal" should be between 1 or 2 - 3 or 4 at max on some tools. Although most tools on the MT should be 0.
Leatherman has a terrific warranty if it concerns you.
Look at the "tool tales section on their website. Alot of people are talking about the warranty.