Runout is side to side oscillation (off center) Think of the stick
on sanding disk not perfectly centered on the rubber base.
Flatness is how perfect it is (90 deg to the axle) with very little
or no wobble. Think of a spinning top slowing down and it get wobbly
by the second. Also checks for bow-ness.
I agree having that steel ball touching media is BAD day. :-)
Cheers,
Wizard