Here's an interesting question. I know oil soaked ammo is usually a bad thing, deadening the primer. In my AR15, I keep it pretty wet. I usually store it with a full mag of SD ammo. Sometimes some of the oil seeps down onto the first round or two. My concern is ruining the first two rounds. Now, they're not "soaked", but there is a thin (very thin) layer. Little enough you can wipe it off fairly easily. I use MPC Firepower FP-10 (it's good stuff). It has a distinctive smell, kinda like cinnamon. It smells good, atleast :) Even some of the rounds further power have the smell of the oil.
Am I over reacting? I'm pretty lame like that sometimes.