While lots of people instantly seize up about wikipedia references, that still doesn't make the information bad.
http://en.wikipedia.org/wiki/Engineering_fit
Note:
RC1 to RC5 are a series of fits, where RC1 has the least play.
Transition fit RC1: Close Sliding Fits:
"This kind of fits are intended for the accurate location of parts which must assemble without noticeable play."
Above is the kind Frodge wants.
RC2: Sliding Fits
"This kind of fits are intended for the accurate location but with greater maximum clearance than class RC1. Parts made to this fit turn and move easily. This type is not designed for free run. Sliding fits in larger sizes may seize with small temperature changes."
RC2 has more play than RC1, but may still seize with small temperature changes. I bet most owners of camera gear do not want their lenses to seize up even at small temperature Changes? So both classification RC1 (where you can't feel any play) and RC2 represents a too tight fit for our lenses.
RC3: Precision Running Fits
"This kind of fits are about the closest fits which can be expected to run freely. Precision running fits are intended for precision work at low speed, low bearing pressures, and light journal pressures. RC3 is not suitable where noticeable temperature differences occur."
Even when stepping one step further, RC3 can still have issues at larger temperature changes.
But anyway - what is important with the lens mount is:
1) The lens must never fall off.
2) The lens must be kept at a very well defined distance from the sensor, so there is a need for some kind of bayonet fitting to press the lens towards the camera body.
3) There must not be any light leak between lens and body.
4) The mount must be durable, since people needs to change lenses quite often.
5) It must be strong, so it can be used with very heavy lenses without failure.
6) It must be possible to manufacture at a reasonable cost.
I'd say that Canon's mount fulfills the requirements.
The only issue that could be debated, is the position of the release button. But that's a separate debate.