If the black dots are from inside the engine, then I am afraid I have to disagree. It is not normal.
Maybe for the Z (which I don't have), it is normal but my previous & current bikes don't do it.
My experience is that garages then to overfill with oil.
On the other hand, condensation from the exhaust (cold start) is normal.
I run my XTR oil level at 3/4 up the dip stick max level

My R is clean. Overfill? I am not sure. Cat is there?!
And 3/4 is just fine.

Its normal, hold a piece of white paper up to any exhaust and that is what you will see, it just shows up on the silver cover on the ten

thanks uncle ricky, i appreciate that! i am sure i will soon get bored of cleaning the splatters off the exhaust cover and have to order a new aftermarket exhaust to save me hours of cleaning the splatters off and hard, hard graft :P (good escuse anyways, i'll try it with the missus!)

thanks again :)

could it be the common tar speckles one that gets thrown up by the wheels deposited somewhere on the bike depending on its bodywork; which in the case of Z collects on the silencer?
CCA mentioned the CAT I presume he thought this would stop solid oil from getting through.
question & possible answers:
-if the black spots smear or easily be removed,then it most prob engine oil
-if hard (with cold exhaust) then most probably road tar

you clean the splatters off your missus as well? Mine cleans herself up.

Good man, let me know if it works and I may try the same.

Deposits look normal to me, mine and my friend's are the same.
I did keep an eye on on the oil level when I first noticed it just in case.

gone are them days of leaving splatters i am afraid, she changed her exhaust a long time ago... sad story =[

certainly will do glenwatt, from what i read it just seems normal with the tenere as yamaha made the casing for the exhaust stick out a little further than the actual tail pipe, and it collects the crap form the exhaust... so it seems.

Mine same - not worried.