On a ride a week or so ago, the front hub started squaking. Felt a bit of resistance to it too. Pulled it apart and found this. Bike is a Raleigh M40DX from 2003 (I believe). I have never serviced any of the bearings. Only things that have had to be replaced are a front fork and shifter cable. Surprisingly enough, it wasn't destroyed! I pulled out the ball bearings, cleaned them up (no pitting!), then cleaned everything with motor oil. After that, repacked and reinstalled bearings. Had to play with the preload for a bit and I'm back in action. I might have the preload a bit lose still, but everything seems to be working. Don't skip on routine maintenance! Next thing is getting the crankset apart and making a tool to remove the cassette so I can repack the rear.