It should smoke like a forest fire for the first few shots. I get a kick out watching someone else shoot one of my freshly assembled AR's for the first time. I lube the heck out of them.
Clean the chamber/bore as you would any other rifle and leave those areas fairly dry. Everything else can be dripping if you like. I grease the bolt lugs, cam pin and track, a little on the sides of the bolt where it contacts the upper. Some CLP on the bolt and gas rings. Either CLP or RemLUbe on the trigger/hammer pins.
Before my AR's are fired, the bolts are hand worked until they will close and lock when released(open upper) with the upper at a 45* muzzle down angle.
I'm not in the desert or the artic(nor am I being shot at) so the amount and type of lube is not an issue.
My broken in, winter use AR's get a little CLP in the BCG and a drop of RemLube on the FCG pins.