Suzuki: Water in the exhaust, milky appearance, exhaust gas

Question
Getting water in the exhaust along with exhaust gas indicates a well tuned engine (considering no coolant drop, no milky appearance of Oil in tank and the water from exhaust is not sticky like oil.) is the above statement true?

Answer
I'm going to answer it this way.
Moisture is a normal component of exhaust.
Moisture will be evident until the entire exhaust sustem reaches temperature.
The presence of a catalytic converter will increase the amount of moisture evident at the tailpipe UNTIL the exhaust system reaches normal operating temperature, at which point it will be present a vapor, and no longer visually evident.
Do you understand?  If not, ask specific questions, with specific operating circumstances.  (picky picky!)
scotty