Depends on What Y'all Call Hot
Lots of good information on this thread already.
As the guys pointed out, there is a significant difference in the heat felt on the right side of the Versys, as opposed to the left.
Hot to the touch? Well at proper operating tempratures of 200+ degrees, it SHOULD be hot to the touch.
We've been in the upper 90's here in South Texas already, I ride my V to work almost everyday (barring rain) and have never had any serious concern that the engine was overheating. I do notice that the cooling fan comes on alot, but that might just be that the exhaust is so quiet that you CAN notice the sound of the radiator fan!
As for the "funny smell" I do notice that if the exhaust gets wet while riding. I did not notice it at any other time, so I put it down to the moisture getting "cooked" off after riding.
Hope this helps
"I've always been crazy, but it's kept me from going insane." Waylon Jennings