johnhors,
Good points, all. I'd add that the methods that I described are best used for representing the loads on a bearing raceway when the area of interest is not the bearing, itself. In that situation, the stress concentrations created by the CONTAC52 elements are localized and acceptable. The aerospace company that I worked with liked the spoke method because it prevented "unrealistic ovalization" of the bearing raceway.
If you're interested in the bearing, itself, you'll probably ignore most of the external parts in order to focus on the areas of interest. I'd argue that a bearing assembly is best represented by a 3D FE model. Modeling contact stresses within a bearing requires very fine mesh controls at the contact interface. You'll want to pay close attention to your contact formulation and consider matching nodes across the contact surfaces to provide the most accurate representation. A full Lagrangian contact formulation is likely the most appropriate for this sort of analysis.
Bearing manufacturers often offer load ratings, and coupled with analytical bearing calculations (Hertzian contact stress, bearing life calculations, heat generation, etc.) the ratings provide sufficient information for most design situations. Analytical calculations for designs requiring roller bearings are quite mature. I'd recommend checking out Tedric Harris's books on roller bearing analysis.
In recent years, finite element modeling has been used to model bearings in more detail, investigating things like spall initiation and crack growth. These investigations are quite rigorous and probably require more forethought than you'll get from this forum. Good luck.
//signed//
Christopher K. Hubley
Mechanical Engineer
Sunpower Incorporated
Athens, Ohio