The axles are supported on 24 loose ballbearings, with adjusting nut and locknut. Shimano 'requires' two special tools, but I've rebuilt both M520 and M540 pedals using a suitable socket and self-gripping tweezers to deal with the adjusting nut.
The exploded diagram is here:
http://cycle.shimano-eu.com/media/techdocs/content/cycle/EV/bikecomponents/PD/EV-PD-M520-2235_v1_m56577569830608614.pdf
Park Tool suggests that you don't need to disassemble the whole thing to regrease it:
http://www.parktool.com/blog/repair-help/spd-pedal-overhaul
by unscrewing the notched black collar and drawing out the assembly, pumping in new grease and extruding the excess as you reassemble.
I usually disassemble to the last ballbearing and clean it thoroughly. This is a fairly good how-to:
http://www.bikeforums.net/bicycle-mechanics/177050-shimano-m520-bearing-play.html
Failing that, this video might help:
http://www.youtube.com/watch?v=OXfrmkOTicM