Related to which, here are the official equipment specs:
4. Slates
The thickness must be at least 1 inch [2.54 cm], and the playing surface must be capable, either by its own strength or a combination of its strength and that of the table base frame, of maintaining an overall flatness within + .020 inches [.508 mm] lengthwise and + .010 inches [.254 mm] across the width. Further this surface should have an additional deflection not to exceed .030 inches [.762 mm] when loaded with a concentrated static force of 200 pounds [90.7 kg] at its center. All slate joints must be in the same plane within .005 inch [.127 mm] after leveling and shimming. Tournament tables must have a set of slates consisting of three pieces of equal size with wooden frame of at least ¾ inch [1.905 cm] thick lumber attached underneath the slate. The slate sections must be
secured to the base frame with countersunk screws or bolts.
But I suspect the the 0.0005 number is the amount in inches that you have to raise one end of the level to get the bubble to move one division. To get from there to table flatness/level takes a few translations.