thanks...
..useful info, but this piece is not tensioning the arm against the bearing. The arm is on the axle, end of story. It does not connect with the bearing in any way. I tightened mine on up to 45Nm (with an accurate torque wrench) as per Shimano's instructions. It felt like it hit a stop at about 40 Nm, so it's on OK. But there is still about 10mm of gap between arm and bearing, with this little ring thing taking up about 5 of those 10mm. So I tightened the ring up by hand (using the little spanner they give you) so that it contacts the bearing and applies very slight pressure against it. Then tighten the allen bolt to hold in place.
I can only think that this gives the bearing extra lateral support....?
By the way, I did use the alloy bolt to tighten the arm on - it was fine up to 45Nm, no probs.
Because I am a dufus sometimes I also tried out the removal tool, as I forgot to put the 1 spacer in on the drive side!!! And I am happy to report that it works pretty well, if unconventionally......don't lose it!