I just went down to Temecula Motorsports and purchased a new RK 530 x-chain, the required tools, a 17/44 sproket set(up two teeth from stock on the rear). Since I'm going to have the back end apart anyway, I thought I should inspect the condition of my rear wheel bearings. What should I be looking for, and how long to wheel bearings typicaly last? Also, if I find that my bearings need replacing, how hard a job is that and what tools will I need? The current milage on my bike is just over 53K

 

Having replaced the bearings on me and my dad's bikes, its not too difficult on, par with replacing fork seals.
Side to side play is ok in bearings, but any circular play is not good. Also, if there is any roughness when you spin them by hand is a cause for replacement. take this time to repack the grease.

 

As per below... just follow my pictures ,,,,,,

WHEEL BEARING REAR - http://db.tt/u0RRHOsf

 

As they are cheap, I'd replace the rear bearings anyway. Take you an extra 45 minutes and worth the peace of mind it gives you...........There are 3 bearings and you can buy them as a kit on e Bay.
for early model to 88
ALL ***** REAR WHEEL BEARING KIT FITS HONDA CBR1000F 1987-1988 | eBay
for 90 on
ALL ***** REAR WHEEL BEARING KIT FITS HONDA CBR1000F 1990-1996 | eBay
All ***** make good kits.

At 53K I'd definitely replace them
Put the kit (minus the seals) in the freezer for a couple of hours and when you knock out the old ones, the new ones should slip in easily.

 

+1 with shadow, if you have the back end apart replace the bearings while the wheels out, I use a slide hammer puller with wind up collets it makes short work of getting them out, you can drift them from the opposite sides but be careful not to damage the seats, I would do the rear sprocket carrier at the same time