I agree with cyberiad in that this is probably the Weigand replacement rear sight blade. I have to disagree with him/her in that the wobble is normal. I understand that the wobble is common on those sights where the blade replacement was done by the end user, because of improper staking. I sent my sight assembly to Weigand and had them do the replacement and there was no wobble. Not an option with the blade from Brownell's and Weigand is no longer doing the installation - furthermore they recommend it be done by a qualified gunsmith - probably a result of complaints of sight wobble from the self-installers.
While that sight may not be vulnerable in actual use, I found that it was vulnerable in foam-lined pistol cases where the gun may shift slightly until a hard part contacts the inside of the case - in this instance it was the sight blade. Easily bent back (it is aluminum), but who has confidence in the sight after that?
I subsequently found LPA sights. These are complete assemblies, made of steel, that cover the entire top strap and mount in the factory D&T'd holes. Smith uses these on some of their Competitors models. When I found and purchased them they were being imported by a cottage industry kind of operation and priced accordingly. Currently there are several larger distributors and prices have risen to the point where they are competitive with what I consider to be the best rear S&W sight: The Bowen Rough Country. While I didn't replace my LPA's with Bowen's, I did replace the Wiegand modified factory sight with the Bowen - and any future rear sight changes on my Smith wheelguns will also be Bowen's.
Adios,
Pizza Bob