Rook: The brake caliper float, I believe is the tiny click you hear when you roll your 14 backward an inch. Roll it forward and it goes back into position. I doubt you would hear that with the bike running.
On the "other site" we discussed that click. As I recall, (it's a vague recollection) there was some discussion about the front caliper pads being spring-loaded to keep them in the forward position. When the 14 is rolled rearward and the front brakes applied, the pads move slightly rearward as they grip the backward rotating disc. When the front brake is released, the pad springs move the pads forward until they hit their stopping point. When they hit the stopping point we hear the click.
EDIT: This morning I checked the front pad click. I pushed a pad downward and felt the pad spring pushing it back.
I released the pad and the pad spring pushed it up . When the pad hit its stopping point it made the clicking sound.
* Last updated by: DZINURZZ on 8/10/2010 @ 7:45 AM *