No, it's wet but according to the Haynes manual, you can take the cover off and not lose all the oil. Below is the info from that manual. I plan on having a piece of plastic sheeting draped/taped over the frame to force any oil into a catch basin for two reasons. I don't want to lose the oil and I don't want to make a mess!
Another thing I found in chapter 8, section 30 (Alternator rotor and stator, page 8-23) is that they say you do not have to drain the oil if the bike is on the sidestand when removing the alternator cover. They do caution to be ready to catch residual oil (they do not qualify that!)
