I just bought a new FX-3 6x42.
The windage knob has no play back and forth and is nice and tight.
The elevation knob has play. The clicks seem solid, but the cap has about a 1/2 click rotational play back and forth before engaging and actually rotating the internals to cause an audible click. It feels more like the internals are tight but just the cap it's self is loose.

Is anyone else's leupold VX-3 or FX-3 like this?

I'll probably take it to the range and just see how it shoots, but if this is not normal, I'll send it into leupold.

is there a way to take the cap off and re-seat it?

I assume you tried to tighten the retaining screws, right? Another reason I have switched to Nightforce for my long range rifles; I get tired of those small screws coming loose when I dial up.

Hopefully, you didn't buy one of the cheap counterfeits from China. Leupold will confirm or deny that with a phone call and the serial number.

That's not normal. Send it in to Leupold and they'll fix it for free. If it's an easy fix as a previous poster noted (tightening retaining screws) then give it a shot. Otherwise I'd send it back to Leupold.

I took it to the range and it shot tight groups once it settled in. Then if I made adjustments, they were off a bit and the groups opend up quite a bit until it settled in again.
I did just end up sending it into Leupold just to be sure and am just waiting for it.