I was  working on the bike tonight and I noticed when pushing it around there was a clacking noise from the transmission area.  I removed the left side cover and discovered it was the front sprocket.  It is quite loose on the shaft (I can wiggle it back and forth on the shaft easily).  Has anyone else had a similar situation.  I assume there isn't supposed to be any play at all between the output shaft and the sprocket.

When you say it has some movement on the shaft do you mean rotational movement(spline slop)? If that's the case you'll want to replace the sprocket. Side to side play is probably considered normal since the sprocket is not tightened down with a nut. The sprocket just slides back and forth sort of like a brake caliper.

Derek

I have a fair amount of movement on my front sprocket also.  It has over 20,000 miles on it.  I understand that most of them develop some play and it's not a big problem.  I have a new one and am going to put it on when I get around to it.  Curious to see if it comes with some play.
Mike

Just had my chain replaced at a shop today because of a stiff/frozen link and they noticed some play in the front sprocket, both side-play and a small amount of rotational play that was also previously referred to in this thread as "spline slop".

What (if any) amount of play is considered normal for the GS500?

I'm guessing rotational is not a good thing.

Side play is Ok  , rotational not Ok

IIRC the front sprocket and chain should be replaced as a set. The rear shouldn't wear out, ever. My rear cog looks like it's still 'new' once all the goop is cleaned off. 

There should be next to zero backlash (rotational play) between the sprocket and shaft, just enough clearance to allow it to slide on and off the shaft. Change the sprocket now before it take the splines on the shaft out.  Its made from a tougher metal and hardened but it wont last indefinately if the coresponding sprocket-splines it mates to are worn.

Yea you can thank the 3 cent circlip holding in the sproket.
On the bright side though, if you were to break a chain and it gets scrunched inside the case, more than likely you'd have the sproket come off the spline instead of sit there and punch the chain into your engine cases.
I lost a chain 1 time but it slithered down the road like a snake beside the bike.
Cool.
Srinath.