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@carltonbanks
Apologies for the mod who had to clean up my post -- only dawned on me that the photos are pretty high res.
Yeah I'm hoping that it's just loose cones rather than wrecked bearings -- I've heard anecdotal reports that parallax hubs' cones came a bit overtightened from the factory and end up wearing out if they aren't adjusted. I'll see what I think when I've got my tools (just dropped it off at my girlfriend's -- 3 miles is further than it sounds when you're on a bike that plainly isn't set up for you, with no saddle!)
I hope to use it for a bit of touring this summer but I think I'll probably use it for commuting as well -- the comfy tyre setup is more suited to the 'roads' of North Tyneside than my current bike -- this one had nice gel pads under the dilapidated bar tape which I'll hopefully try to use as well.
I'm considering switching to V brakes as I've got a spare pair of V-brake drop bar levers. We'll see.