Yes, they rattle. I have wondered why they don't put an O-ring in there to snug up the fit but I believe it is for a couple reasons.
1) any O-ring would not be user accessible for maintenance or replacement.
2) As is, when the light is submerged, water is free to flow around the switch and the water pressure does not activate the switch. If the button were snugged with an O-ring, the water pressure would quite possibly force the button down or in and activate the switch.
I believe the resulting "sloppiness" of the switch is a result if intentional design features and comes with the territory. The gap needs to be great enough that typical dust or dirt will not accumulate and bind up the switch. It needs to be great enough to allow rinsing with water for cleaning it out. There are probably some solutions in design to provide some raised bumps or ribs limiting the play in some areas but these solutions could well become sources of binding if the switch were to become "clogged". A loose switch is a happy switch I believe and in this case the perceptions are not indicative of a fault but rather a need for proper function, IMHO. If you notice that your switch is getting quiet, be suspicious of dust bunnies and give it a good douche! /ubbthreads/images/graemlins/smile.gif