I am not talking dripping wet. I place a very small amount to help the plastic carriage inside ride smooth especially with a new mag I learned that trick in bootcamp from my senior DI and I haven't had any problems with it either in the Corps or now. You don't use any more lube than what you would spay on a cloth to dust with

I have 4 mags two from s&w and two from colt for the 16 and they all was a little sticky until I did that and after 1200 rounds still no problems with the mags or oil on the rounds.

Here is a interesting article on mags:
Extreme Duty AR-15/M-16 Magazines from D&L Sports, Inc.