The Bearing is a vital component of any TT, belt or Direct Drive. It can be seen as the heart of the rotating system. Any high quality drive system will be let down by a substandard bearing. The result is a higher rumble which is a kind of unwanted low frequency noise.
The bearing itself is at the look of it a very simple device. There is a shaft which is the extension of the center spindle on which the platter rest. This shaft then rotates in a "well". For reduced friction grease or oil is used between the two. In many cases a ball is used in the bottom of the well upon which the shaft then rests. However, there are many bearings that do not use a ball but a slightly pointed end to the shaft instead.
The top picture shows the Pioneer PL1000L bearing well that is integrated into the company's trademark, the "Stable Hanging Rotor". The next picture shows the shaft and the steel ball. Note that Pioneer here uses a reversed bearing layout where the well is integrated in the moving rotor part and the shaft is stationary. This construction is unique for Pioneer and it could be argued that it's superior becuase it's better to have the contact point as high as possible instead of at the bottom as this should increase stability and reduce pressure between the shaft and the walls of the well.
However, as very often is the case, the simplest devices often turn out to be the most difficult to perfect. The reason for this is that both the material and the tolerances need to be of the absolute highest standards or it will be painfully obvious in degraded sound quality and high Rumble.
The material used for the bearing is often high quality stainless steel in combination with brass for example but other materials can be found such as ceramics, magnesium, etc.