shifting front-wheel bearings?

Question for the day: Standing in front of my "V"hicular,left hand is throttle side, I noticed looking down at the front wheel, on the left side of the axel behind the disk, was a dirty, greasy ring about a finger away from the front fork. I looked at the other side, and found that something that looks like a sealed bearing, sticking out about a finger, and is close to the fork mount on the right. Tell me if you've come across this? Is this a floating bearing that is going back and forth, and has a missing bearing ring wedge? Or is this O.K. to let be. I have no problems with driving or steering control,...well, I never paid attention to it, I'm always all smiles and loving the ride, but yes, no problems.