nah mate its no good. most LBS dont know hope hubs and will just pass it off as "meant to be like that it will be fine once quick release is on"
it is supposed to have a special tool like a socket that snaps the o ring back in place. search on the hope website. you can do it with a couple of screwdrivers if you are good with your hands.
if you ride it like it is you will fuck your hub up.
as it stands it is not dead or loose it just is not put back together properly.
http://www.youtube.com/watch?v=fdgUvv76H28
watch from about 5min on. if your mechanic is unsure take it in and show him on your phone. With the amount of people buying these on wiggle some local mechanics would do well to learn how to service these properly.
oh and btw, i thought i might have broken my hub when I did this the first time too